{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}/Users/amkerner/Dropbox/BJPS OS replications files/log file Kerner ownership society.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}21 Mar 2018, 13:30:58

{com}. do "/var/folders/9c/8r7kqft94tb5j2hh2myz2hrr0000gp/T//SD00317.000000"
{txt}
{com}. use "/Users/amkerner/Dropbox/BJPS OS replications files/LAPOP replication data .dta", clear
{txt}(All data are copyrighted by LAPOP. For more info, run the command note list)

{com}. 
. 
. replace rs_pension = -1*rs_pension
{txt}(31,998 real changes made, 810 to missing)

{com}. replace  rs_healthcare = -1* rs_healthcare
{txt}(32,003 real changes made, 494 to missing)

{com}. replace  rs_wellbeing  = -1* rs_wellbeing 
{txt}(31,986 real changes made, 698 to missing)

{com}. replace rs_ownindustry = -1*rs_ownindustry
{txt}(31,963 real changes made, 1,224 to missing)

{com}. replace   rs_jobs  = -1*  rs_jobs 
{txt}(31,997 real changes made, 572 to missing)

{com}. replace  rs_inequality = -1* rs_inequality
{txt}(31,994 real changes made, 834 to missing)

{com}. 
. gen SM_INDEX = (rs_wellbeing +  rs_ownindustry + rs_pension + rs_inequality + rs_healthcare)/5
{txt}(2,173 missing values generated)

{com}. 
. 
. sort cowcode year
{txt}
{com}. ##table 2##
{err}Unknown #command
{com}. 
. {c -(}
. est clear
. gen sample = 1 if d_real_returns != . & country != "Panama"
{txt}(19,460 missing values generated)
{com}. xtreg SM_INDEX contributor                            income i.work_type rural  single years_educ male age  if sample ==1,   r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0097                                         {txt}min = {res}     1,078
{txt}     between = {res}0.7469                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0170                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 78:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2}-.0660461{col 26}{space 2} .0704116{col 37}{space 1}   -0.94{col 46}{space 3}0.348{col 54}{space 4}-.2040502{col 67}{space 3} .0719581
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0340127{col 26}{space 2} .0059415{col 37}{space 1}    5.72{col 46}{space 3}0.000{col 54}{space 4} .0223676{col 67}{space 3} .0456578
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.1285175{col 26}{space 2} .0755983{col 37}{space 1}   -1.70{col 46}{space 3}0.089{col 54}{space 4}-.2766875{col 67}{space 3} .0196524
{txt}{space 10}2  {c |}{col 14}{res}{space 2}-.0479983{col 26}{space 2} .0322937{col 37}{space 1}   -1.49{col 46}{space 3}0.137{col 54}{space 4}-.1112929{col 67}{space 3} .0152963
{txt}{space 10}3  {c |}{col 14}{res}{space 2} .1467828{col 26}{space 2} .1208785{col 37}{space 1}    1.21{col 46}{space 3}0.225{col 54}{space 4}-.0901346{col 67}{space 3} .3837003
{txt}{space 10}4  {c |}{col 14}{res}{space 2} .0457823{col 26}{space 2} .0331373{col 37}{space 1}    1.38{col 46}{space 3}0.167{col 54}{space 4}-.0191656{col 67}{space 3} .1107301
{txt}{space 10}5  {c |}{col 14}{res}{space 2} .3868646{col 26}{space 2} .1494233{col 37}{space 1}    2.59{col 46}{space 3}0.010{col 54}{space 4} .0940003{col 67}{space 3} .6797289
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2} .0556374{col 26}{space 2} .0775941{col 37}{space 1}    0.72{col 46}{space 3}0.473{col 54}{space 4}-.0964443{col 67}{space 3}  .207719
{txt}{space 6}single {c |}{col 14}{res}{space 2} .0078276{col 26}{space 2} .0360688{col 37}{space 1}    0.22{col 46}{space 3}0.828{col 54}{space 4} -.062866{col 67}{space 3} .0785211
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2} .0073784{col 26}{space 2} .0071306{col 37}{space 1}    1.03{col 46}{space 3}0.301{col 54}{space 4}-.0065973{col 67}{space 3}  .021354
{txt}{space 8}male {c |}{col 14}{res}{space 2}-.0051085{col 26}{space 2} .0408941{col 37}{space 1}   -0.12{col 46}{space 3}0.901{col 54}{space 4}-.0852595{col 67}{space 3} .0750426
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0046398{col 26}{space 2} .0015328{col 37}{space 1}   -3.03{col 46}{space 3}0.002{col 54}{space 4} -.007644{col 67}{space 3}-.0016356
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-5.710884{col 26}{space 2} .1262601{col 37}{space 1}  -45.23{col 46}{space 3}0.000{col 54}{space 4} -5.95835{col 67}{space 3}-5.463419
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res}         0
     {txt}sigma_e {c |} {res} 1.0097444
         {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}
{com}. est store a
. xtreg SM_INDEX contributor                            income i.work_type rural  single years_educ male age  deflator  unemp gdppcgrowth lngdppc if sample ==1,   r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0109                                         {txt}min = {res}     1,078
{txt}     between = {res}0.6612                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0436                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 78:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2}-.0609825{col 26}{space 2} .0580523{col 37}{space 1}   -1.05{col 46}{space 3}0.293{col 54}{space 4}-.1747628{col 67}{space 3} .0527978
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0334548{col 26}{space 2} .0050638{col 37}{space 1}    6.61{col 46}{space 3}0.000{col 54}{space 4} .0235298{col 67}{space 3} .0433797
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.1174623{col 26}{space 2} .0483225{col 37}{space 1}   -2.43{col 46}{space 3}0.015{col 54}{space 4}-.2121725{col 67}{space 3} -.022752
{txt}{space 10}2  {c |}{col 14}{res}{space 2}-.0099827{col 26}{space 2} .0361842{col 37}{space 1}   -0.28{col 46}{space 3}0.783{col 54}{space 4}-.0809025{col 67}{space 3}  .060937
{txt}{space 10}3  {c |}{col 14}{res}{space 2} .1788617{col 26}{space 2} .1061006{col 37}{space 1}    1.69{col 46}{space 3}0.092{col 54}{space 4}-.0290916{col 67}{space 3}  .386815
{txt}{space 10}4  {c |}{col 14}{res}{space 2} .0276472{col 26}{space 2} .0287974{col 37}{space 1}    0.96{col 46}{space 3}0.337{col 54}{space 4}-.0287947{col 67}{space 3} .0840892
{txt}{space 10}5  {c |}{col 14}{res}{space 2} .3346954{col 26}{space 2} .1368147{col 37}{space 1}    2.45{col 46}{space 3}0.014{col 54}{space 4} .0665436{col 67}{space 3} .6028473
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2}-.0038278{col 26}{space 2} .0619488{col 37}{space 1}   -0.06{col 46}{space 3}0.951{col 54}{space 4}-.1252453{col 67}{space 3} .1175896
{txt}{space 6}single {c |}{col 14}{res}{space 2}-.0017487{col 26}{space 2} .0330963{col 37}{space 1}   -0.05{col 46}{space 3}0.958{col 54}{space 4}-.0666163{col 67}{space 3} .0631189
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2} .0073259{col 26}{space 2} .0052538{col 37}{space 1}    1.39{col 46}{space 3}0.163{col 54}{space 4}-.0029714{col 67}{space 3} .0176232
{txt}{space 8}male {c |}{col 14}{res}{space 2} -.016526{col 26}{space 2} .0285452{col 37}{space 1}   -0.58{col 46}{space 3}0.563{col 54}{space 4}-.0724736{col 67}{space 3} .0394216
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0033163{col 26}{space 2} .0012903{col 37}{space 1}   -2.57{col 46}{space 3}0.010{col 54}{space 4}-.0058452{col 67}{space 3}-.0007875
{txt}{space 4}deflator {c |}{col 14}{res}{space 2}-.0398598{col 26}{space 2} .0209841{col 37}{space 1}   -1.90{col 46}{space 3}0.057{col 54}{space 4}-.0809879{col 67}{space 3} .0012683
{txt}{space 7}unemp {c |}{col 14}{res}{space 2} -.019221{col 26}{space 2} .0132183{col 37}{space 1}   -1.45{col 46}{space 3}0.146{col 54}{space 4}-.0451284{col 67}{space 3} .0066865
{txt}{space 1}gdppcgrowth {c |}{col 14}{res}{space 2}-.5973064{col 26}{space 2} 1.722566{col 37}{space 1}   -0.35{col 46}{space 3}0.729{col 54}{space 4}-3.973474{col 67}{space 3} 2.778861
{txt}{space 5}lngdppc {c |}{col 14}{res}{space 2}-.2789763{col 26}{space 2} .2161094{col 37}{space 1}   -1.29{col 46}{space 3}0.197{col 54}{space 4}-.7025429{col 67}{space 3} .1445903
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-3.055298{col 26}{space 2} 1.725461{col 37}{space 1}   -1.77{col 46}{space 3}0.077{col 54}{space 4} -6.43714{col 67}{space 3} .3265437
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res}         0
     {txt}sigma_e {c |} {res} 1.0097444
         {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}
{com}. est store b
. xtreg SM_INDEX contributor                            income i.work_type rural  single years_educ male age   govdebt foreigninvestment contribover15 if sample ==1,   r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0117                                         {txt}min = {res}     1,078
{txt}     between = {res}0.8278                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0539                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 83:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}         SM_INDEX{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      z{col 51}   P>|z|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 6}contributor {c |}{col 19}{res}{space 2} .0053126{col 31}{space 2} .0459982{col 42}{space 1}    0.12{col 51}{space 3}0.908{col 59}{space 4}-.0848423{col 72}{space 3} .0954674
{txt}{space 11}income {c |}{col 19}{res}{space 2}  .028827{col 31}{space 2} .0035945{col 42}{space 1}    8.02{col 51}{space 3}0.000{col 59}{space 4} .0217819{col 72}{space 3} .0358721
{txt}{space 17} {c |}
{space 8}work_type {c |}
{space 15}1  {c |}{col 19}{res}{space 2}-.1546247{col 31}{space 2}   .04286{col 42}{space 1}   -3.61{col 51}{space 3}0.000{col 59}{space 4}-.2386288{col 72}{space 3}-.0706205
{txt}{space 15}2  {c |}{col 19}{res}{space 2}-.0308884{col 31}{space 2} .0335546{col 42}{space 1}   -0.92{col 51}{space 3}0.357{col 59}{space 4}-.0966542{col 72}{space 3} .0348773
{txt}{space 15}3  {c |}{col 19}{res}{space 2} .1742403{col 31}{space 2} .1099804{col 42}{space 1}    1.58{col 51}{space 3}0.113{col 59}{space 4}-.0413173{col 72}{space 3} .3897979
{txt}{space 15}4  {c |}{col 19}{res}{space 2}-.0032177{col 31}{space 2} .0240575{col 42}{space 1}   -0.13{col 51}{space 3}0.894{col 59}{space 4}-.0503696{col 72}{space 3} .0439342
{txt}{space 15}5  {c |}{col 19}{res}{space 2} .2890582{col 31}{space 2} .1493849{col 42}{space 1}    1.93{col 51}{space 3}0.053{col 59}{space 4}-.0037308{col 72}{space 3} .5818471
{txt}{space 17} {c |}
{space 12}rural {c |}{col 19}{res}{space 2} .0687275{col 31}{space 2} .0608324{col 42}{space 1}    1.13{col 51}{space 3}0.259{col 59}{space 4}-.0505018{col 72}{space 3} .1879568
{txt}{space 11}single {c |}{col 19}{res}{space 2} .0196467{col 31}{space 2} .0271543{col 42}{space 1}    0.72{col 51}{space 3}0.469{col 59}{space 4}-.0335747{col 72}{space 3} .0728681
{txt}{space 7}years_educ {c |}{col 19}{res}{space 2} .0096327{col 31}{space 2}  .005143{col 42}{space 1}    1.87{col 51}{space 3}0.061{col 59}{space 4}-.0004473{col 72}{space 3} .0197127
{txt}{space 13}male {c |}{col 19}{res}{space 2}-.0281755{col 31}{space 2} .0199774{col 42}{space 1}   -1.41{col 51}{space 3}0.158{col 59}{space 4}-.0673304{col 72}{space 3} .0109794
{txt}{space 14}age {c |}{col 19}{res}{space 2}-.0023896{col 31}{space 2} .0011531{col 42}{space 1}   -2.07{col 51}{space 3}0.038{col 59}{space 4}-.0046497{col 72}{space 3}-.0001295
{txt}{space 10}govdebt {c |}{col 19}{res}{space 2} .0056589{col 31}{space 2} .0019162{col 42}{space 1}    2.95{col 51}{space 3}0.003{col 59}{space 4} .0019032{col 72}{space 3} .0094145
{txt}foreigninvestment {c |}{col 19}{res}{space 2} .0075403{col 31}{space 2} .0038262{col 42}{space 1}    1.97{col 51}{space 3}0.049{col 59}{space 4} .0000411{col 72}{space 3} .0150395
{txt}{space 4}contribover15 {c |}{col 19}{res}{space 2}-2.311688{col 31}{space 2} .5601703{col 42}{space 1}   -4.13{col 51}{space 3}0.000{col 59}{space 4}-3.409602{col 72}{space 3}-1.213775
{txt}{space 12}_cons {c |}{col 19}{res}{space 2}-5.694754{col 31}{space 2} .1309775{col 42}{space 1}  -43.48{col 51}{space 3}0.000{col 59}{space 4}-5.951465{col 72}{space 3}-5.438043
{txt}{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
          sigma_u {c |} {res}         0
          {txt}sigma_e {c |} {res} 1.0097444
              {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 18}{c BT}{hline 64}
{com}. est store c
. xtreg SM_INDEX contributor                                                income i.work_type rural  single years_educ male age  if sample ==1,   fe r
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}    10,471
{txt}Group variable: {res}cowcode{txt}{col 49}Number of groups{col 67}={col 69}{res}         8

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.0121{col 63}{txt}min{col 67}={col 69}{res}     1,078
{txt}     between = {res}0.1011{col 63}{txt}avg{col 67}={col 69}{res}   1,308.9
{txt}     overall = {res}0.0134{col 63}{txt}max{col 67}={col 69}{res}     1,591

{col 49}{help j_robustsingular##|_new:F(7,7)}{col 67}{txt}={col 70}{res}        .
{txt}corr(u_i, Xb){col 16}= {res}0.0320{txt}{col 49}Prob > F{col 67}={col 73}{res}     .

{txt}{ralign 78:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2} .0092388{col 26}{space 2} .0422916{col 37}{space 1}    0.22{col 46}{space 3}0.833{col 54}{space 4}-.0907648{col 67}{space 3} .1092425
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0318966{col 26}{space 2} .0049303{col 37}{space 1}    6.47{col 46}{space 3}0.000{col 54}{space 4} .0202384{col 67}{space 3} .0435548
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.1503567{col 26}{space 2} .0363345{col 37}{space 1}   -4.14{col 46}{space 3}0.004{col 54}{space 4} -.236274{col 67}{space 3}-.0644394
{txt}{space 10}2  {c |}{col 14}{res}{space 2}-.0147543{col 26}{space 2} .0383376{col 37}{space 1}   -0.38{col 46}{space 3}0.712{col 54}{space 4}-.1054083{col 67}{space 3} .0758997
{txt}{space 10}3  {c |}{col 14}{res}{space 2} .1747697{col 26}{space 2} .1089582{col 37}{space 1}    1.60{col 46}{space 3}0.153{col 54}{space 4}-.0828756{col 67}{space 3}  .432415
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-.0101882{col 26}{space 2} .0237111{col 37}{space 1}   -0.43{col 46}{space 3}0.680{col 54}{space 4}-.0662559{col 67}{space 3} .0458796
{txt}{space 10}5  {c |}{col 14}{res}{space 2} .2778305{col 26}{space 2} .1534129{col 37}{space 1}    1.81{col 46}{space 3}0.113{col 54}{space 4}-.0849334{col 67}{space 3} .6405944
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2} .0377398{col 26}{space 2} .0516256{col 37}{space 1}    0.73{col 46}{space 3}0.489{col 54}{space 4}-.0843354{col 67}{space 3} .1598149
{txt}{space 6}single {c |}{col 14}{res}{space 2} .0244798{col 26}{space 2} .0270532{col 37}{space 1}    0.90{col 46}{space 3}0.396{col 54}{space 4}-.0394908{col 67}{space 3} .0884503
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2}  .008765{col 26}{space 2} .0050205{col 37}{space 1}    1.75{col 46}{space 3}0.124{col 54}{space 4}-.0031065{col 67}{space 3} .0206366
{txt}{space 8}male {c |}{col 14}{res}{space 2}-.0371644{col 26}{space 2} .0205284{col 37}{space 1}   -1.81{col 46}{space 3}0.113{col 54}{space 4}-.0857063{col 67}{space 3} .0113776
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0016647{col 26}{space 2} .0011185{col 37}{space 1}   -1.49{col 46}{space 3}0.180{col 54}{space 4}-.0043096{col 67}{space 3} .0009802
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-5.824593{col 26}{space 2} .0978535{col 37}{space 1}  -59.52{col 46}{space 3}0.000{col 54}{space 4} -6.05598{col 67}{space 3}-5.593207
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res} .24015725
     {txt}sigma_e {c |} {res} 1.0097444
         {txt}rho {c |} {res} .05353912{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}
{com}. est store d
. xtreg SM_INDEX c.contributor##c.corpsec               income i.work_type rural  single years_educ male age  if sample ==1,   cl(cowcode)
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0096                                         {txt}min = {res}     1,078
{txt}     between = {res}0.3353                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0217                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 89:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               SM_INDEX{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      z{col 57}   P>|z|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}contributor {c |}{col 25}{res}{space 2}-.0667741{col 37}{space 2} .0999726{col 48}{space 1}   -0.67{col 57}{space 3}0.504{col 65}{space 4}-.2627168{col 78}{space 3} .1291685
{txt}{space 16}corpsec {c |}{col 25}{res}{space 2} .0050621{col 37}{space 2} .0042785{col 48}{space 1}    1.18{col 57}{space 3}0.237{col 65}{space 4}-.0033237{col 78}{space 3} .0134478
{txt}{space 23} {c |}
c.contributor#c.corpsec {c |}{col 25}{res}{space 2}  .000283{col 37}{space 2} .0046454{col 48}{space 1}    0.06{col 57}{space 3}0.951{col 65}{space 4} -.008822{col 78}{space 3} .0093879
{txt}{space 23} {c |}
{space 17}income {c |}{col 25}{res}{space 2} .0336652{col 37}{space 2} .0057993{col 48}{space 1}    5.81{col 57}{space 3}0.000{col 65}{space 4} .0222988{col 78}{space 3} .0450317
{txt}{space 23} {c |}
{space 14}work_type {c |}
{space 21}1  {c |}{col 25}{res}{space 2}-.1211913{col 37}{space 2} .0729864{col 48}{space 1}   -1.66{col 57}{space 3}0.097{col 65}{space 4}-.2642421{col 78}{space 3} .0218594
{txt}{space 21}2  {c |}{col 25}{res}{space 2} -.046325{col 37}{space 2} .0331661{col 48}{space 1}   -1.40{col 57}{space 3}0.162{col 65}{space 4}-.1113293{col 78}{space 3} .0186793
{txt}{space 21}3  {c |}{col 25}{res}{space 2} .1674302{col 37}{space 2} .1105195{col 48}{space 1}    1.51{col 57}{space 3}0.130{col 65}{space 4} -.049184{col 78}{space 3} .3840444
{txt}{space 21}4  {c |}{col 25}{res}{space 2} .0244376{col 37}{space 2} .0367858{col 48}{space 1}    0.66{col 57}{space 3}0.506{col 65}{space 4}-.0476612{col 78}{space 3} .0965364
{txt}{space 21}5  {c |}{col 25}{res}{space 2} .3716372{col 37}{space 2}   .14976{col 48}{space 1}    2.48{col 57}{space 3}0.013{col 65}{space 4}  .078113{col 78}{space 3} .6651614
{txt}{space 23} {c |}
{space 18}rural {c |}{col 25}{res}{space 2} .0800895{col 37}{space 2} .0729866{col 48}{space 1}    1.10{col 57}{space 3}0.273{col 65}{space 4}-.0629616{col 78}{space 3} .2231405
{txt}{space 17}single {c |}{col 25}{res}{space 2} .0076276{col 37}{space 2} .0352943{col 48}{space 1}    0.22{col 57}{space 3}0.829{col 65}{space 4} -.061548{col 78}{space 3} .0768032
{txt}{space 13}years_educ {c |}{col 25}{res}{space 2} .0052632{col 37}{space 2} .0056873{col 48}{space 1}    0.93{col 57}{space 3}0.355{col 65}{space 4}-.0058837{col 78}{space 3}   .01641
{txt}{space 19}male {c |}{col 25}{res}{space 2}-.0024712{col 37}{space 2} .0412857{col 48}{space 1}   -0.06{col 57}{space 3}0.952{col 65}{space 4}-.0833898{col 78}{space 3} .0784473
{txt}{space 20}age {c |}{col 25}{res}{space 2}-.0046289{col 37}{space 2} .0016632{col 48}{space 1}   -2.78{col 57}{space 3}0.005{col 65}{space 4}-.0078887{col 78}{space 3} -.001369
{txt}{space 18}_cons {c |}{col 25}{res}{space 2}-5.789209{col 37}{space 2} .1672168{col 48}{space 1}  -34.62{col 57}{space 3}0.000{col 65}{space 4}-6.116948{col 78}{space 3} -5.46147
{txt}{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                sigma_u {c |} {res}         0
                {txt}sigma_e {c |} {res} 1.0096978
                    {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 24}{c BT}{hline 64}
{com}. est store e
. xtreg SM_INDEX c.contributor##c.corpsec               income i.work_type rural  single years_educ male age   deflator unemp  gdppcgrowth lngdppc if sample ==1,   r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0113                                         {txt}min = {res}     1,078
{txt}     between = {res}0.7545                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0486                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 89:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               SM_INDEX{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      z{col 57}   P>|z|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}contributor {c |}{col 25}{res}{space 2}-.1000646{col 37}{space 2} .0952651{col 48}{space 1}   -1.05{col 57}{space 3}0.294{col 65}{space 4}-.2867808{col 78}{space 3} .0866516
{txt}{space 16}corpsec {c |}{col 25}{res}{space 2} .0052732{col 37}{space 2} .0018649{col 48}{space 1}    2.83{col 57}{space 3}0.005{col 65}{space 4}  .001618{col 78}{space 3} .0089284
{txt}{space 23} {c |}
c.contributor#c.corpsec {c |}{col 25}{res}{space 2} .0020796{col 37}{space 2}  .004084{col 48}{space 1}    0.51{col 57}{space 3}0.611{col 65}{space 4}-.0059249{col 78}{space 3} .0100842
{txt}{space 23} {c |}
{space 17}income {c |}{col 25}{res}{space 2} .0344999{col 37}{space 2} .0056621{col 48}{space 1}    6.09{col 57}{space 3}0.000{col 65}{space 4} .0234024{col 78}{space 3} .0455975
{txt}{space 23} {c |}
{space 14}work_type {c |}
{space 21}1  {c |}{col 25}{res}{space 2}-.1072543{col 37}{space 2} .0483022{col 48}{space 1}   -2.22{col 57}{space 3}0.026{col 65}{space 4}-.2019247{col 78}{space 3}-.0125838
{txt}{space 21}2  {c |}{col 25}{res}{space 2}-.0066409{col 37}{space 2} .0373176{col 48}{space 1}   -0.18{col 57}{space 3}0.859{col 65}{space 4} -.079782{col 78}{space 3} .0665001
{txt}{space 21}3  {c |}{col 25}{res}{space 2} .1945401{col 37}{space 2} .1070246{col 48}{space 1}    1.82{col 57}{space 3}0.069{col 65}{space 4}-.0152243{col 78}{space 3} .4043044
{txt}{space 21}4  {c |}{col 25}{res}{space 2} .0073735{col 37}{space 2} .0255282{col 48}{space 1}    0.29{col 57}{space 3}0.773{col 65}{space 4}-.0426609{col 78}{space 3} .0574079
{txt}{space 21}5  {c |}{col 25}{res}{space 2} .3264334{col 37}{space 2} .1465073{col 48}{space 1}    2.23{col 57}{space 3}0.026{col 65}{space 4} .0392844{col 78}{space 3} .6135825
{txt}{space 23} {c |}
{space 18}rural {c |}{col 25}{res}{space 2}  .019322{col 37}{space 2} .0601343{col 48}{space 1}    0.32{col 57}{space 3}0.748{col 65}{space 4} -.098539{col 78}{space 3}  .137183
{txt}{space 17}single {c |}{col 25}{res}{space 2}-.0035002{col 37}{space 2} .0299318{col 48}{space 1}   -0.12{col 57}{space 3}0.907{col 65}{space 4}-.0621655{col 78}{space 3} .0551651
{txt}{space 13}years_educ {c |}{col 25}{res}{space 2} .0058121{col 37}{space 2} .0045534{col 48}{space 1}    1.28{col 57}{space 3}0.202{col 65}{space 4}-.0031123{col 78}{space 3} .0147365
{txt}{space 19}male {c |}{col 25}{res}{space 2}-.0147335{col 37}{space 2} .0286201{col 48}{space 1}   -0.51{col 57}{space 3}0.607{col 65}{space 4}-.0708279{col 78}{space 3} .0413608
{txt}{space 20}age {c |}{col 25}{res}{space 2}-.0031328{col 37}{space 2} .0013493{col 48}{space 1}   -2.32{col 57}{space 3}0.020{col 65}{space 4}-.0057773{col 78}{space 3}-.0004883
{txt}{space 15}deflator {c |}{col 25}{res}{space 2}-.0339153{col 37}{space 2} .0177496{col 48}{space 1}   -1.91{col 57}{space 3}0.056{col 65}{space 4}-.0687039{col 78}{space 3} .0008734
{txt}{space 18}unemp {c |}{col 25}{res}{space 2}-.0200773{col 37}{space 2} .0118011{col 48}{space 1}   -1.70{col 57}{space 3}0.089{col 65}{space 4}-.0432071{col 78}{space 3} .0030526
{txt}{space 12}gdppcgrowth {c |}{col 25}{res}{space 2} -1.46727{col 37}{space 2} 1.040778{col 48}{space 1}   -1.41{col 57}{space 3}0.159{col 65}{space 4}-3.507158{col 78}{space 3} .5726176
{txt}{space 16}lngdppc {c |}{col 25}{res}{space 2} -.310534{col 37}{space 2} .2060375{col 48}{space 1}   -1.51{col 57}{space 3}0.132{col 65}{space 4}  -.71436{col 78}{space 3}  .093292
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} -2.87324{col 37}{space 2} 1.659377{col 48}{space 1}   -1.73{col 57}{space 3}0.083{col 65}{space 4}-6.125558{col 78}{space 3} .3790788
{txt}{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                sigma_u {c |} {res}         0
                {txt}sigma_e {c |} {res} 1.0096978
                    {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 24}{c BT}{hline 64}
{com}. est store f
. xtreg SM_INDEX c.contributor##c.corpsec               income i.work_type rural  single years_educ male age   govdebt foreigninvestment contribover15  if sample ==1,   r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0119                                         {txt}min = {res}     1,078
{txt}     between = {res}0.8972                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0572                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 89:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               SM_INDEX{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      z{col 57}   P>|z|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}contributor {c |}{col 25}{res}{space 2}-.0329676{col 37}{space 2}  .091886{col 48}{space 1}   -0.36{col 57}{space 3}0.720{col 65}{space 4}-.2130608{col 78}{space 3} .1471257
{txt}{space 16}corpsec {c |}{col 25}{res}{space 2} .0069381{col 37}{space 2} .0033053{col 48}{space 1}    2.10{col 57}{space 3}0.036{col 65}{space 4} .0004599{col 78}{space 3} .0134163
{txt}{space 23} {c |}
c.contributor#c.corpsec {c |}{col 25}{res}{space 2} .0025789{col 37}{space 2} .0033889{col 48}{space 1}    0.76{col 57}{space 3}0.447{col 65}{space 4}-.0040632{col 78}{space 3}  .009221
{txt}{space 23} {c |}
{space 17}income {c |}{col 25}{res}{space 2} .0290324{col 37}{space 2} .0041538{col 48}{space 1}    6.99{col 57}{space 3}0.000{col 65}{space 4}  .020891{col 78}{space 3} .0371738
{txt}{space 23} {c |}
{space 14}work_type {c |}
{space 21}1  {c |}{col 25}{res}{space 2}-.1597772{col 37}{space 2} .0414036{col 48}{space 1}   -3.86{col 57}{space 3}0.000{col 65}{space 4}-.2409267{col 78}{space 3}-.0786276
{txt}{space 21}2  {c |}{col 25}{res}{space 2}-.0322291{col 37}{space 2} .0326869{col 48}{space 1}   -0.99{col 57}{space 3}0.324{col 65}{space 4}-.0962941{col 78}{space 3}  .031836
{txt}{space 21}3  {c |}{col 25}{res}{space 2} .1673581{col 37}{space 2} .1087368{col 48}{space 1}    1.54{col 57}{space 3}0.124{col 65}{space 4} -.045762{col 78}{space 3} .3804783
{txt}{space 21}4  {c |}{col 25}{res}{space 2}-.0149151{col 37}{space 2}  .023538{col 48}{space 1}   -0.63{col 57}{space 3}0.526{col 65}{space 4}-.0610488{col 78}{space 3} .0312185
{txt}{space 21}5  {c |}{col 25}{res}{space 2} .2939426{col 37}{space 2} .1558505{col 48}{space 1}    1.89{col 57}{space 3}0.059{col 65}{space 4}-.0115186{col 78}{space 3} .5994039
{txt}{space 23} {c |}
{space 18}rural {c |}{col 25}{res}{space 2} .0827022{col 37}{space 2} .0597159{col 48}{space 1}    1.38{col 57}{space 3}0.166{col 65}{space 4}-.0343389{col 78}{space 3} .1997432
{txt}{space 17}single {c |}{col 25}{res}{space 2} .0205973{col 37}{space 2} .0246506{col 48}{space 1}    0.84{col 57}{space 3}0.403{col 65}{space 4}-.0277169{col 78}{space 3} .0689116
{txt}{space 13}years_educ {c |}{col 25}{res}{space 2} .0101555{col 37}{space 2} .0050584{col 48}{space 1}    2.01{col 57}{space 3}0.045{col 65}{space 4} .0002412{col 78}{space 3} .0200698
{txt}{space 19}male {c |}{col 25}{res}{space 2}-.0319748{col 37}{space 2} .0200772{col 48}{space 1}   -1.59{col 57}{space 3}0.111{col 65}{space 4}-.0713253{col 78}{space 3} .0073758
{txt}{space 20}age {c |}{col 25}{res}{space 2} -.001932{col 37}{space 2} .0010983{col 48}{space 1}   -1.76{col 57}{space 3}0.079{col 65}{space 4}-.0040847{col 78}{space 3} .0002207
{txt}{space 16}govdebt {c |}{col 25}{res}{space 2} .0065859{col 37}{space 2} .0014805{col 48}{space 1}    4.45{col 57}{space 3}0.000{col 65}{space 4} .0036841{col 78}{space 3} .0094877
{txt}{space 6}foreigninvestment {c |}{col 25}{res}{space 2} .0028425{col 37}{space 2} .0027758{col 48}{space 1}    1.02{col 57}{space 3}0.306{col 65}{space 4} -.002598{col 78}{space 3} .0082831
{txt}{space 10}contribover15 {c |}{col 25}{res}{space 2}-1.652517{col 37}{space 2} .3802281{col 48}{space 1}   -4.35{col 57}{space 3}0.000{col 65}{space 4}-2.397751{col 78}{space 3}-.9072838
{txt}{space 18}_cons {c |}{col 25}{res}{space 2} -5.96535{col 37}{space 2} .2035124{col 48}{space 1}  -29.31{col 57}{space 3}0.000{col 65}{space 4}-6.364227{col 78}{space 3}-5.566473
{txt}{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                sigma_u {c |} {res}         0
                {txt}sigma_e {c |} {res} 1.0096978
                    {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 24}{c BT}{hline 64}
{com}. est store g
. xtreg SM_INDEX c.contributor##c.corpsec               income i.work_type rural  single years_educ male age  if sample ==1,   fe r
{p 0 6 2}{txt}note: corpsec omitted because of collinearity{p_end}
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}    10,471
{txt}Group variable: {res}cowcode{txt}{col 49}Number of groups{col 67}={col 69}{res}         8

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.0123{col 63}{txt}min{col 67}={col 69}{res}     1,078
{txt}     between = {res}0.1129{col 63}{txt}avg{col 67}={col 69}{res}   1,308.9
{txt}     overall = {res}0.0139{col 63}{txt}max{col 67}={col 69}{res}     1,591

{col 49}{help j_robustsingular##|_new:F(7,7)}{col 67}{txt}={col 70}{res}        .
{txt}corr(u_i, Xb){col 16}= {res}0.0360{txt}{col 49}Prob > F{col 67}={col 73}{res}     .

{txt}{ralign 89:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 24}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 25}{c |}{col 37}    Robust
{col 1}               SM_INDEX{col 25}{c |}      Coef.{col 37}   Std. Err.{col 49}      t{col 57}   P>|t|{col 65}     [95% Con{col 78}f. Interval]
{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}contributor {c |}{col 25}{res}{space 2}-.0446871{col 37}{space 2} .0882313{col 48}{space 1}   -0.51{col 57}{space 3}0.628{col 65}{space 4}-.2533208{col 78}{space 3} .1639467
{txt}{space 16}corpsec {c |}{col 25}{res}{space 2}        0{col 37}{txt}  (omitted)
{space 23} {c |}
c.contributor#c.corpsec {c |}{col 25}{res}{space 2} .0029237{col 37}{space 2} .0035912{col 48}{space 1}    0.81{col 57}{space 3}0.442{col 65}{space 4}-.0055681{col 78}{space 3} .0114155
{txt}{space 23} {c |}
{space 17}income {c |}{col 25}{res}{space 2} .0320135{col 37}{space 2} .0048866{col 48}{space 1}    6.55{col 57}{space 3}0.000{col 65}{space 4} .0204585{col 78}{space 3} .0435684
{txt}{space 23} {c |}
{space 14}work_type {c |}
{space 21}1  {c |}{col 25}{res}{space 2}-.1505333{col 37}{space 2} .0371291{col 48}{space 1}   -4.05{col 57}{space 3}0.005{col 65}{space 4}-.2383296{col 78}{space 3}-.0627369
{txt}{space 21}2  {c |}{col 25}{res}{space 2}-.0157942{col 37}{space 2} .0384485{col 48}{space 1}   -0.41{col 57}{space 3}0.694{col 65}{space 4}-.1067104{col 78}{space 3} .0751219
{txt}{space 21}3  {c |}{col 25}{res}{space 2} .1746885{col 37}{space 2} .1086227{col 48}{space 1}    1.61{col 57}{space 3}0.152{col 65}{space 4}-.0821633{col 78}{space 3} .4315404
{txt}{space 21}4  {c |}{col 25}{res}{space 2}-.0099331{col 37}{space 2} .0239199{col 48}{space 1}   -0.42{col 57}{space 3}0.690{col 65}{space 4}-.0664947{col 78}{space 3} .0466284
{txt}{space 21}5  {c |}{col 25}{res}{space 2} .2784683{col 37}{space 2} .1531548{col 48}{space 1}    1.82{col 57}{space 3}0.112{col 65}{space 4}-.0836852{col 78}{space 3} .6406218
{txt}{space 23} {c |}
{space 18}rural {c |}{col 25}{res}{space 2} .0366883{col 37}{space 2} .0518367{col 48}{space 1}    0.71{col 57}{space 3}0.502{col 65}{space 4} -.085886{col 78}{space 3} .1592627
{txt}{space 17}single {c |}{col 25}{res}{space 2} .0237735{col 37}{space 2} .0266268{col 48}{space 1}    0.89{col 57}{space 3}0.402{col 65}{space 4}-.0391888{col 78}{space 3} .0867359
{txt}{space 13}years_educ {c |}{col 25}{res}{space 2} .0087227{col 37}{space 2} .0050079{col 48}{space 1}    1.74{col 57}{space 3}0.125{col 65}{space 4}-.0031191{col 78}{space 3} .0205644
{txt}{space 19}male {c |}{col 25}{res}{space 2}-.0367639{col 37}{space 2} .0205414{col 48}{space 1}   -1.79{col 57}{space 3}0.117{col 65}{space 4}-.0853367{col 78}{space 3} .0118088
{txt}{space 20}age {c |}{col 25}{res}{space 2}-.0016855{col 37}{space 2} .0011161{col 48}{space 1}   -1.51{col 57}{space 3}0.175{col 65}{space 4}-.0043246{col 78}{space 3} .0009536
{txt}{space 18}_cons {c |}{col 25}{res}{space 2}-5.823533{col 37}{space 2} .0976359{col 48}{space 1}  -59.65{col 57}{space 3}0.000{col 65}{space 4}-6.054405{col 78}{space 3} -5.59266
{txt}{hline 24}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                sigma_u {c |} {res} .23884069
                {txt}sigma_e {c |} {res} 1.0096978
                    {txt}rho {c |} {res} .05298936{txt}   (fraction of variance due to u_i)
{hline 24}{c BT}{hline 64}
{com}. est store h
. xtreg SM_INDEX  contributor  corpsec                   income i.work_type rural  single years_educ male age  if sample ==1,    r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0095                                         {txt}min = {res}     1,078
{txt}     between = {res}0.3359                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0217                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 78:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 14}{c |}{col 26}    Robust
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      z{col 46}   P>|z|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2}-.0615179{col 26}{space 2} .0751899{col 37}{space 1}   -0.82{col 46}{space 3}0.413{col 54}{space 4}-.2088873{col 67}{space 3} .0858515
{txt}{space 5}corpsec {c |}{col 14}{res}{space 2}  .005098{col 26}{space 2} .0042955{col 37}{space 1}    1.19{col 46}{space 3}0.235{col 54}{space 4} -.003321{col 67}{space 3}  .013517
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0336499{col 26}{space 2} .0057961{col 37}{space 1}    5.81{col 46}{space 3}0.000{col 54}{space 4} .0222897{col 67}{space 3} .0450101
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.1212025{col 26}{space 2} .0729416{col 37}{space 1}   -1.66{col 46}{space 3}0.097{col 54}{space 4}-.2641654{col 67}{space 3} .0217603
{txt}{space 10}2  {c |}{col 14}{res}{space 2}-.0462129{col 26}{space 2} .0331614{col 37}{space 1}   -1.39{col 46}{space 3}0.163{col 54}{space 4}-.1112081{col 67}{space 3} .0187823
{txt}{space 10}3  {c |}{col 14}{res}{space 2} .1674209{col 26}{space 2} .1104505{col 37}{space 1}    1.52{col 46}{space 3}0.130{col 54}{space 4} -.049058{col 67}{space 3} .3838999
{txt}{space 10}4  {c |}{col 14}{res}{space 2} .0244019{col 26}{space 2} .0368856{col 37}{space 1}    0.66{col 46}{space 3}0.508{col 54}{space 4}-.0478926{col 67}{space 3} .0966963
{txt}{space 10}5  {c |}{col 14}{res}{space 2} .3715646{col 26}{space 2} .1498836{col 37}{space 1}    2.48{col 46}{space 3}0.013{col 54}{space 4} .0777982{col 67}{space 3} .6653309
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2} .0801524{col 26}{space 2} .0729417{col 37}{space 1}    1.10{col 46}{space 3}0.272{col 54}{space 4}-.0628106{col 67}{space 3} .2231155
{txt}{space 6}single {c |}{col 14}{res}{space 2} .0076975{col 26}{space 2}  .035603{col 37}{space 1}    0.22{col 46}{space 3}0.829{col 54}{space 4}-.0620832{col 67}{space 3} .0774781
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2} .0052695{col 26}{space 2} .0056583{col 37}{space 1}    0.93{col 46}{space 3}0.352{col 54}{space 4}-.0058205{col 67}{space 3} .0163595
{txt}{space 8}male {c |}{col 14}{res}{space 2}-.0025281{col 26}{space 2} .0416103{col 37}{space 1}   -0.06{col 46}{space 3}0.952{col 54}{space 4}-.0840828{col 67}{space 3} .0790266
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0046255{col 26}{space 2} .0016718{col 37}{space 1}   -2.77{col 46}{space 3}0.006{col 54}{space 4}-.0079022{col 67}{space 3}-.0013488
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-5.790039{col 26}{space 2}  .164111{col 37}{space 1}  -35.28{col 46}{space 3}0.000{col 54}{space 4}-6.111691{col 67}{space 3}-5.468388
{txt}{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
     sigma_u {c |} {res}         0
     {txt}sigma_e {c |} {res} 1.0097444
         {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 13}{c BT}{hline 64}
{com}. est store i
. drop sample
. {c )-}
{txt}
{com}. 
. esttab * using "Table2.csv", replace cells(b(star fmt(%9.3f) label(coef.)) se( fmt(%9.2f)label(SE))) stats(r2 r2_o N) label legend posthead("") prefoot("") postfoot("")  varlabels(_cons Constant) starlevels(* 0.10 ** 0.05 *** 0.01 ) number ("" "") 
{res}{txt}(output written to {browse  `"Table2.csv"'})

{com}. 
. 
. 
. ##table 3##
{err}Unknown #command
{com}. 
. est clear
{txt}
{com}. {c -(}
. gen sample = 1 if country != "Panama"
{txt}(1,536 missing values generated)
{com}. xtreg SM_INDEX c.contributor##c.d_real_returns    income i.work_type rural  single years_educ male age  if sample ==1 ,  r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0110                                         {txt}min = {res}     1,078
{txt}     between = {res}0.6139                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0184                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                      SM_INDEX{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.2216228{col 44}{space 2} .0920657{col 55}{space 1}   -2.41{col 64}{space 3}0.016{col 72}{space 4}-.4020683{col 85}{space 3}-.0411773
{txt}{space 16}d_real_returns {c |}{col 32}{res}{space 2}-.0038871{col 44}{space 2} .0085071{col 55}{space 1}   -0.46{col 64}{space 3}0.648{col 72}{space 4}-.0205606{col 85}{space 3} .0127865
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0081033{col 44}{space 2} .0049335{col 55}{space 1}    1.64{col 64}{space 3}0.100{col 72}{space 4}-.0015662{col 85}{space 3} .0177727
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0354784{col 44}{space 2} .0049645{col 55}{space 1}    7.15{col 64}{space 3}0.000{col 72}{space 4} .0257481{col 85}{space 3} .0452086
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1248054{col 44}{space 2}  .073492{col 55}{space 1}   -1.70{col 64}{space 3}0.089{col 72}{space 4}-.2688471{col 85}{space 3} .0192363
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0458673{col 44}{space 2} .0382917{col 55}{space 1}   -1.20{col 64}{space 3}0.231{col 72}{space 4}-.1209177{col 85}{space 3}  .029183
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .1437816{col 44}{space 2} .1205501{col 55}{space 1}    1.19{col 64}{space 3}0.233{col 72}{space 4}-.0924923{col 85}{space 3} .3800556
{txt}{space 28}4  {c |}{col 32}{res}{space 2} .0503744{col 44}{space 2} .0346668{col 55}{space 1}    1.45{col 64}{space 3}0.146{col 72}{space 4}-.0175712{col 85}{space 3} .1183201
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .3850904{col 44}{space 2} .1509864{col 55}{space 1}    2.55{col 64}{space 3}0.011{col 72}{space 4} .0891626{col 85}{space 3} .6810183
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .0434579{col 44}{space 2} .0923183{col 55}{space 1}    0.47{col 64}{space 3}0.638{col 72}{space 4}-.1374827{col 85}{space 3} .2243985
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0085953{col 44}{space 2} .0365947{col 55}{space 1}    0.23{col 64}{space 3}0.814{col 72}{space 4} -.063129{col 85}{space 3} .0803197
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0082031{col 44}{space 2} .0072503{col 55}{space 1}    1.13{col 64}{space 3}0.258{col 72}{space 4}-.0060072{col 85}{space 3} .0224135
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0058682{col 44}{space 2} .0375194{col 55}{space 1}   -0.16{col 64}{space 3}0.876{col 72}{space 4}-.0794049{col 85}{space 3} .0676684
{txt}{space 27}age {c |}{col 32}{res}{space 2}-.0044012{col 44}{space 2} .0015449{col 55}{space 1}   -2.85{col 64}{space 3}0.004{col 72}{space 4}-.0074292{col 85}{space 3}-.0013732
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.662321{col 44}{space 2} .1538867{col 55}{space 1}  -36.80{col 64}{space 3}0.000{col 72}{space 4}-5.963933{col 85}{space 3}-5.360709
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.0091129
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
{com}. est store a
. xtreg SM_INDEX c.contributor##c.d_real_returns    income i.work_type rural  single years_educ male age  unemp    deflator   gdppcgrowth lngdppc  if sample ==1 ,  r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0122                                         {txt}min = {res}     1,078
{txt}     between = {res}0.6726                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0454                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                      SM_INDEX{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.2780553{col 44}{space 2} .0910586{col 55}{space 1}   -3.05{col 64}{space 3}0.002{col 72}{space 4}-.4565269{col 85}{space 3}-.0995838
{txt}{space 16}d_real_returns {c |}{col 32}{res}{space 2} .0021749{col 44}{space 2} .0046758{col 55}{space 1}    0.47{col 64}{space 3}0.642{col 72}{space 4}-.0069895{col 85}{space 3} .0113394
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0114647{col 44}{space 2} .0040653{col 55}{space 1}    2.82{col 64}{space 3}0.005{col 72}{space 4} .0034969{col 85}{space 3} .0194325
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0331334{col 44}{space 2} .0049746{col 55}{space 1}    6.66{col 64}{space 3}0.000{col 72}{space 4} .0233835{col 85}{space 3} .0428834
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1121722{col 44}{space 2} .0500451{col 55}{space 1}   -2.24{col 64}{space 3}0.025{col 72}{space 4}-.2102589{col 85}{space 3}-.0140856
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0125718{col 44}{space 2} .0361385{col 55}{space 1}   -0.35{col 64}{space 3}0.728{col 72}{space 4}-.0834019{col 85}{space 3} .0582582
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .1841023{col 44}{space 2} .1095387{col 55}{space 1}    1.68{col 64}{space 3}0.093{col 72}{space 4}-.0305896{col 85}{space 3} .3987942
{txt}{space 28}4  {c |}{col 32}{res}{space 2} .0214687{col 44}{space 2} .0257468{col 55}{space 1}    0.83{col 64}{space 3}0.404{col 72}{space 4}-.0289941{col 85}{space 3} .0719314
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .3344593{col 44}{space 2} .1381089{col 55}{space 1}    2.42{col 64}{space 3}0.015{col 72}{space 4} .0637708{col 85}{space 3} .6051479
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .0054746{col 44}{space 2} .0672924{col 55}{space 1}    0.08{col 64}{space 3}0.935{col 72}{space 4} -.126416{col 85}{space 3} .1373652
{txt}{space 24}single {c |}{col 32}{res}{space 2}-.0049733{col 44}{space 2} .0309219{col 55}{space 1}   -0.16{col 64}{space 3}0.872{col 72}{space 4}-.0655792{col 85}{space 3} .0556326
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0075688{col 44}{space 2} .0054399{col 55}{space 1}    1.39{col 64}{space 3}0.164{col 72}{space 4}-.0030933{col 85}{space 3} .0182309
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0128284{col 44}{space 2} .0273143{col 55}{space 1}   -0.47{col 64}{space 3}0.639{col 72}{space 4}-.0663635{col 85}{space 3} .0407067
{txt}{space 27}age {c |}{col 32}{res}{space 2}-.0032082{col 44}{space 2} .0013409{col 55}{space 1}   -2.39{col 64}{space 3}0.017{col 72}{space 4}-.0058364{col 85}{space 3}-.0005801
{txt}{space 25}unemp {c |}{col 32}{res}{space 2}-.0201742{col 44}{space 2} .0127643{col 55}{space 1}   -1.58{col 64}{space 3}0.114{col 72}{space 4}-.0451917{col 85}{space 3} .0048434
{txt}{space 22}deflator {c |}{col 32}{res}{space 2}-.0392974{col 44}{space 2} .0202859{col 55}{space 1}   -1.94{col 64}{space 3}0.053{col 72}{space 4} -.079057{col 85}{space 3} .0004622
{txt}{space 19}gdppcgrowth {c |}{col 32}{res}{space 2}-1.598199{col 44}{space 2} 1.762128{col 55}{space 1}   -0.91{col 64}{space 3}0.364{col 72}{space 4}-5.051907{col 85}{space 3} 1.855508
{txt}{space 23}lngdppc {c |}{col 32}{res}{space 2}-.3138831{col 44}{space 2} .2142587{col 55}{space 1}   -1.46{col 64}{space 3}0.143{col 72}{space 4}-.7338223{col 85}{space 3} .1060562
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-2.766388{col 44}{space 2} 1.704937{col 55}{space 1}   -1.62{col 64}{space 3}0.105{col 72}{space 4}-6.108004{col 85}{space 3} .5752271
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.0091129
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
{com}. est store b
. xtreg SM_INDEX c.contributor##c.d_real_returns    income i.work_type rural  single years_educ male age  govdebt foreigninvestment contribover15   if sample ==1 ,  r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0132                                         {txt}min = {res}     1,078
{txt}     between = {res}0.8361                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0557                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                      SM_INDEX{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.1772868{col 44}{space 2} .0686023{col 55}{space 1}   -2.58{col 64}{space 3}0.010{col 72}{space 4}-.3117449{col 85}{space 3}-.0428287
{txt}{space 16}d_real_returns {c |}{col 32}{res}{space 2}-.0050204{col 44}{space 2} .0054912{col 55}{space 1}   -0.91{col 64}{space 3}0.361{col 72}{space 4}-.0157829{col 85}{space 3} .0057421
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0094508{col 44}{space 2}  .003571{col 55}{space 1}    2.65{col 64}{space 3}0.008{col 72}{space 4} .0024518{col 85}{space 3} .0164498
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0307426{col 44}{space 2} .0042928{col 55}{space 1}    7.16{col 64}{space 3}0.000{col 72}{space 4} .0223289{col 85}{space 3} .0391564
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1469183{col 44}{space 2} .0388346{col 55}{space 1}   -3.78{col 64}{space 3}0.000{col 72}{space 4}-.2230328{col 85}{space 3}-.0708038
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0277138{col 44}{space 2} .0392008{col 55}{space 1}   -0.71{col 64}{space 3}0.480{col 72}{space 4}-.1045459{col 85}{space 3} .0491183
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .1780441{col 44}{space 2} .1097807{col 55}{space 1}    1.62{col 64}{space 3}0.105{col 72}{space 4}-.0371221{col 85}{space 3} .3932103
{txt}{space 28}4  {c |}{col 32}{res}{space 2}-.0014928{col 44}{space 2} .0250199{col 55}{space 1}   -0.06{col 64}{space 3}0.952{col 72}{space 4}-.0505309{col 85}{space 3} .0475452
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .2816924{col 44}{space 2} .1504281{col 55}{space 1}    1.87{col 64}{space 3}0.061{col 72}{space 4}-.0131412{col 85}{space 3}  .576526
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .0579658{col 44}{space 2} .0629773{col 55}{space 1}    0.92{col 64}{space 3}0.357{col 72}{space 4}-.0654674{col 85}{space 3}  .181399
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0211476{col 44}{space 2}  .027416{col 55}{space 1}    0.77{col 64}{space 3}0.440{col 72}{space 4}-.0325869{col 85}{space 3}  .074882
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0096563{col 44}{space 2} .0049485{col 55}{space 1}    1.95{col 64}{space 3}0.051{col 72}{space 4}-.0000426{col 85}{space 3} .0193551
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0275115{col 44}{space 2} .0198294{col 55}{space 1}   -1.39{col 64}{space 3}0.165{col 72}{space 4}-.0663764{col 85}{space 3} .0113535
{txt}{space 27}age {c |}{col 32}{res}{space 2}-.0022357{col 44}{space 2} .0011857{col 55}{space 1}   -1.89{col 64}{space 3}0.059{col 72}{space 4}-.0045595{col 85}{space 3} .0000882
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2}  .004718{col 44}{space 2} .0025848{col 55}{space 1}    1.83{col 64}{space 3}0.068{col 72}{space 4}-.0003481{col 85}{space 3} .0097842
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0077393{col 44}{space 2} .0045121{col 55}{space 1}    1.72{col 64}{space 3}0.086{col 72}{space 4}-.0011042{col 85}{space 3} .0165829
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-2.426911{col 44}{space 2}    .5981{col 55}{space 1}   -4.06{col 64}{space 3}0.000{col 72}{space 4}-3.599166{col 85}{space 3}-1.254657
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.553664{col 44}{space 2} .1543277{col 55}{space 1}  -35.99{col 64}{space 3}0.000{col 72}{space 4}-5.856141{col 85}{space 3}-5.251187
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.0091129
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
{com}. est store c
. xtreg SM_INDEX c.contributor##c.d_real_returns    income i.work_type rural  single years_educ male age   if sample ==1  ,   fe  r
{p 0 6 2}{txt}note: d_real_returns omitted because of collinearity{p_end}
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}    10,471
{txt}Group variable: {res}cowcode{txt}{col 49}Number of groups{col 67}={col 69}{res}         8

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.0134{col 63}{txt}min{col 67}={col 69}{res}     1,078
{txt}     between = {res}0.0167{col 63}{txt}avg{col 67}={col 69}{res}   1,308.9
{txt}     overall = {res}0.0128{col 63}{txt}max{col 67}={col 69}{res}     1,591

{col 49}{help j_robustsingular##|_new:F(7,7)}{col 67}{txt}={col 70}{res}        .
{txt}corr(u_i, Xb){col 16}= {res}-0.0151{txt}{col 49}Prob > F{col 67}={col 73}{res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                      SM_INDEX{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      t{col 64}   P>|t|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.1962601{col 44}{space 2} .0692981{col 55}{space 1}   -2.83{col 64}{space 3}0.025{col 72}{space 4}-.3601242{col 85}{space 3} -.032396
{txt}{space 16}d_real_returns {c |}{col 32}{res}{space 2}        0{col 44}{txt}  (omitted)
{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0109318{col 44}{space 2} .0034671{col 55}{space 1}    3.15{col 64}{space 3}0.016{col 72}{space 4} .0027334{col 85}{space 3} .0191302
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0319115{col 44}{space 2}  .004768{col 55}{space 1}    6.69{col 64}{space 3}0.000{col 72}{space 4} .0206369{col 85}{space 3} .0431861
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1475725{col 44}{space 2} .0378178{col 55}{space 1}   -3.90{col 64}{space 3}0.006{col 72}{space 4}-.2369973{col 85}{space 3}-.0581477
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0163996{col 44}{space 2} .0388705{col 55}{space 1}   -0.42{col 64}{space 3}0.686{col 72}{space 4}-.1083138{col 85}{space 3} .0755146
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .1767907{col 44}{space 2} .1088487{col 55}{space 1}    1.62{col 64}{space 3}0.148{col 72}{space 4}-.0805957{col 85}{space 3}  .434177
{txt}{space 28}4  {c |}{col 32}{res}{space 2}-.0112165{col 44}{space 2} .0238387{col 55}{space 1}   -0.47{col 64}{space 3}0.652{col 72}{space 4}-.0675862{col 85}{space 3} .0451531
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .2756176{col 44}{space 2} .1535474{col 55}{space 1}    1.79{col 64}{space 3}0.116{col 72}{space 4}-.0874644{col 85}{space 3} .6386996
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .0356128{col 44}{space 2} .0519182{col 55}{space 1}    0.69{col 64}{space 3}0.515{col 72}{space 4}-.0871542{col 85}{space 3} .1583798
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0238475{col 44}{space 2} .0264741{col 55}{space 1}    0.90{col 64}{space 3}0.398{col 72}{space 4}-.0387539{col 85}{space 3} .0864488
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0090434{col 44}{space 2} .0051493{col 55}{space 1}    1.76{col 64}{space 3}0.122{col 72}{space 4}-.0031328{col 85}{space 3} .0212195
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0352338{col 44}{space 2} .0205339{col 55}{space 1}   -1.72{col 64}{space 3}0.130{col 72}{space 4}-.0837887{col 85}{space 3} .0133211
{txt}{space 27}age {c |}{col 32}{res}{space 2}-.0015627{col 44}{space 2}  .001133{col 55}{space 1}   -1.38{col 64}{space 3}0.210{col 72}{space 4}-.0042419{col 85}{space 3} .0011166
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.831458{col 44}{space 2} .0985738{col 55}{space 1}  -59.16{col 64}{space 3}0.000{col 72}{space 4}-6.064548{col 85}{space 3}-5.598369
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res} .24349277
                       {txt}sigma_e {c |} {res} 1.0091129
                           {txt}rho {c |} {res} .05501936{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
{com}. est store d
. drop sample
. {c )-}
{txt}
{com}. esttab * using "Table3.csv", replace cells(b(star fmt(%9.3f) label(coef.)) se( fmt(%9.2f)label(SE))) stats(r2 N) label legend posthead("") prefoot("") postfoot("")  varlabels(_cons Constant) starlevels(* 0.10 ** 0.05 *** 0.01 ) number ("" "") 
{res}{txt}(output written to {browse  `"Table3.csv"'})

{com}. 
. 
. ##figure 1###
{err}Unknown #command
{com}. 
. 
. est restore c
{txt}(results {stata estimates replay c:c} are active now)

{com}. qui{c -(}
{txt}
{com}. twoway (hist d_real_returns if e(sample), sort yaxis(2) yscale(alt axis(2))col(gs14))(line conbx   MVZ, clpattern(solid) clwidth(medium) clcolor(black)  yscale(alt axis(1)))(line upperx  MVZ, clpattern(dash) clwidth(thin) clcolor(black))(line lowerx  MVZ, clpattern(dash) clwidth(thin) clcolor(black)), title( Figure 1: Conditional Effect of Pension Participation on Attitude Towards Neoliberalism, size(medsmall)) ytitle("Conditional Effect" " ", col(black)) xtitle(Real Pension Returns)  yline(0)name(`DV', replace) scheme(s1mono) legend(off)
{res}{txt}
{com}. 
. ###Table 4 -- note: the columns created will be in alphabetical order, rather than by pension returns###
{err}Unknown #command
{com}. 
. est clear
{txt}
{com}. qui reg SM_INDEX c.contributor##c.d_real_returns   if country != "Panama"
{txt}
{com}. levelsof(onenamecountry) if e(sample), local(levels)
{txt}`"Chile"' `"Colombia"' `"Costa_Rica"' `"Dominican_Republic"' `"El_Salvador"' `"Mexico"' `"Peru"' `"Uruguay"'

{com}. foreach i of local levels{c -(}
{txt}  2{com}. reg SM_INDEX contributor  income i.work_type rural  single years_educ male age   if onenamecountry =="`i'"   
{txt}  3{com}. est store `i'
{txt}  4{com}. {c )-}

{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}     1,591
{txt}{hline 13}{c +}{hline 34}   F(12, 1578)     = {res}     3.89
{txt}       Model {c |} {res} 40.6778803        12  3.38982336   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 1374.18756     1,578  .870841292   {txt}R-squared       ={res}    0.0288
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.0214
{txt}       Total {c |} {res} 1414.86544     1,590  .889852477   {txt}Root MSE        =   {res} .93319

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2}-.0639182{col 26}{space 2} .0702138{col 37}{space 1}   -0.91{col 46}{space 3}0.363{col 54}{space 4}-.2016403{col 67}{space 3} .0738039
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0386031{col 26}{space 2} .0106089{col 37}{space 1}    3.64{col 46}{space 3}0.000{col 54}{space 4} .0177942{col 67}{space 3} .0594121
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}  .082223{col 26}{space 2}  .123435{col 37}{space 1}    0.67{col 46}{space 3}0.505{col 54}{space 4}-.1598908{col 67}{space 3} .3243368
{txt}{space 10}2  {c |}{col 14}{res}{space 2}-.0323511{col 26}{space 2} .0728734{col 37}{space 1}   -0.44{col 46}{space 3}0.657{col 54}{space 4}  -.17529{col 67}{space 3} .1105878
{txt}{space 10}3  {c |}{col 14}{res}{space 2} .1635019{col 26}{space 2} .2744666{col 37}{space 1}    0.60{col 46}{space 3}0.551{col 54}{space 4}-.3748557{col 67}{space 3} .7018595
{txt}{space 10}4  {c |}{col 14}{res}{space 2} .0092031{col 26}{space 2} .0737337{col 37}{space 1}    0.12{col 46}{space 3}0.901{col 54}{space 4}-.1354232{col 67}{space 3} .1538294
{txt}{space 10}5  {c |}{col 14}{res}{space 2} .4607827{col 26}{space 2} .6623046{col 37}{space 1}    0.70{col 46}{space 3}0.487{col 54}{space 4} -.838307{col 67}{space 3} 1.759872
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2} -.060616{col 26}{space 2} .0732374{col 37}{space 1}   -0.83{col 46}{space 3}0.408{col 54}{space 4}-.2042688{col 67}{space 3} .0830367
{txt}{space 6}single {c |}{col 14}{res}{space 2} .0343397{col 26}{space 2} .0587756{col 37}{space 1}    0.58{col 46}{space 3}0.559{col 54}{space 4}-.0809469{col 67}{space 3} .1496263
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2}  .013923{col 26}{space 2} .0076335{col 37}{space 1}    1.82{col 46}{space 3}0.068{col 54}{space 4}-.0010498{col 67}{space 3} .0288958
{txt}{space 8}male {c |}{col 14}{res}{space 2}  .075524{col 26}{space 2} .0512194{col 37}{space 1}    1.47{col 46}{space 3}0.141{col 54}{space 4}-.0249411{col 67}{space 3} .1759892
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0003766{col 26}{space 2}  .001697{col 37}{space 1}   -0.22{col 46}{space 3}0.824{col 54}{space 4}-.0037051{col 67}{space 3} .0029519
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-6.337106{col 26}{space 2} .1375121{col 37}{space 1}  -46.08{col 46}{space 3}0.000{col 54}{space 4}-6.606831{col 67}{space 3} -6.06738
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{p 0 6 2}{txt}note: rural omitted because of collinearity{p_end}

      Source {c |}       SS           df       MS      Number of obs   ={res}     1,241
{txt}{hline 13}{c +}{hline 34}   F(11, 1229)     = {res}     4.66
{txt}       Model {c |} {res} 45.8219915        11  4.16563559   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 1098.64759     1,229  .893936204   {txt}R-squared       ={res}    0.0400
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.0314
{txt}       Total {c |} {res} 1144.46959     1,240  .922959343   {txt}Root MSE        =   {res} .94548

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2} .1787768{col 26}{space 2} .0978847{col 37}{space 1}    1.83{col 46}{space 3}0.068{col 54}{space 4}-.0132628{col 67}{space 3} .3708163
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0399841{col 26}{space 2} .0169676{col 37}{space 1}    2.36{col 46}{space 3}0.019{col 54}{space 4} .0066954{col 67}{space 3} .0732729
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.1421076{col 26}{space 2} .1380732{col 37}{space 1}   -1.03{col 46}{space 3}0.304{col 54}{space 4}-.4129929{col 67}{space 3} .1287777
{txt}{space 10}2  {c |}{col 14}{res}{space 2} .0907457{col 26}{space 2} .0835698{col 37}{space 1}    1.09{col 46}{space 3}0.278{col 54}{space 4}-.0732096{col 67}{space 3}  .254701
{txt}{space 10}3  {c |}{col 14}{res}{space 2} .8397779{col 26}{space 2} .2431781{col 37}{space 1}    3.45{col 46}{space 3}0.001{col 54}{space 4} .3626877{col 67}{space 3} 1.316868
{txt}{space 10}4  {c |}{col 14}{res}{space 2} .0711537{col 26}{space 2}  .066006{col 37}{space 1}    1.08{col 46}{space 3}0.281{col 54}{space 4}-.0583433{col 67}{space 3} .2006507
{txt}{space 10}5  {c |}{col 14}{res}{space 2} .3372686{col 26}{space 2}  .671378{col 37}{space 1}    0.50{col 46}{space 3}0.616{col 54}{space 4}-.9799053{col 67}{space 3} 1.654443
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2}        0{col 26}{txt}  (omitted)
{space 6}single {c |}{col 14}{res}{space 2} .1439554{col 26}{space 2} .0631111{col 37}{space 1}    2.28{col 46}{space 3}0.023{col 54}{space 4} .0201379{col 67}{space 3} .2677729
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2}-.0013538{col 26}{space 2} .0081916{col 37}{space 1}   -0.17{col 46}{space 3}0.869{col 54}{space 4}-.0174248{col 67}{space 3} .0147172
{txt}{space 8}male {c |}{col 14}{res}{space 2}-.0385538{col 26}{space 2} .0570905{col 37}{space 1}   -0.68{col 46}{space 3}0.500{col 54}{space 4}-.1505593{col 67}{space 3} .0734518
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0038636{col 26}{space 2} .0021405{col 37}{space 1}   -1.80{col 46}{space 3}0.071{col 54}{space 4}-.0080631{col 67}{space 3} .0003359
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-5.680077{col 26}{space 2} .1320921{col 37}{space 1}  -43.00{col 46}{space 3}0.000{col 54}{space 4}-5.939228{col 67}{space 3}-5.420926
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}     1,078
{txt}{hline 13}{c +}{hline 34}   F(11, 1066)     = {res}     2.49
{txt}       Model {c |} {res} 37.3052994        11  3.39139085   {txt}Prob > F        ={res}    0.0043
{txt}    Residual {c |} {res} 1450.10521     1,066  1.36032383   {txt}R-squared       ={res}    0.0251
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.0150
{txt}       Total {c |} {res} 1487.41051     1,077  1.38106825   {txt}Root MSE        =   {res} 1.1663

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2}-.1139023{col 26}{space 2} .1019519{col 37}{space 1}   -1.12{col 46}{space 3}0.264{col 54}{space 4}-.3139514{col 67}{space 3} .0861467
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0342222{col 26}{space 2} .0182246{col 37}{space 1}    1.88{col 46}{space 3}0.061{col 54}{space 4}-.0015381{col 67}{space 3} .0699824
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.2545172{col 26}{space 2} .1525302{col 37}{space 1}   -1.67{col 46}{space 3}0.095{col 54}{space 4}-.5538108{col 67}{space 3} .0447764
{txt}{space 10}2  {c |}{col 14}{res}{space 2}-.0802002{col 26}{space 2} .1067325{col 37}{space 1}   -0.75{col 46}{space 3}0.453{col 54}{space 4}-.2896298{col 67}{space 3} .1292295
{txt}{space 10}3  {c |}{col 14}{res}{space 2} .2912821{col 26}{space 2} .2319473{col 37}{space 1}    1.26{col 46}{space 3}0.209{col 54}{space 4} -.163843{col 67}{space 3} .7464073
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-.0359582{col 26}{space 2} .1134256{col 37}{space 1}   -0.32{col 46}{space 3}0.751{col 54}{space 4}-.2585209{col 67}{space 3} .1866045
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2} .0447176{col 26}{space 2} .0762805{col 37}{space 1}    0.59{col 46}{space 3}0.558{col 54}{space 4}-.1049593{col 67}{space 3} .1943945
{txt}{space 6}single {c |}{col 14}{res}{space 2}-.1034721{col 26}{space 2} .0887099{col 37}{space 1}   -1.17{col 46}{space 3}0.244{col 54}{space 4} -.277538{col 67}{space 3} .0705938
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2} .0177536{col 26}{space 2}  .010266{col 37}{space 1}    1.73{col 46}{space 3}0.084{col 54}{space 4}-.0023902{col 67}{space 3} .0378974
{txt}{space 8}male {c |}{col 14}{res}{space 2}-.0286425{col 26}{space 2} .0854835{col 37}{space 1}   -0.34{col 46}{space 3}0.738{col 54}{space 4}-.1963775{col 67}{space 3} .1390925
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.006946{col 26}{space 2} .0027496{col 37}{space 1}   -2.53{col 46}{space 3}0.012{col 54}{space 4}-.0123413{col 67}{space 3}-.0015507
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-5.824422{col 26}{space 2} .1719935{col 37}{space 1}  -33.86{col 46}{space 3}0.000{col 54}{space 4}-6.161906{col 67}{space 3}-5.486938
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}     1,231
{txt}{hline 13}{c +}{hline 34}   F(12, 1218)     = {res}     2.52
{txt}       Model {c |} {res} 27.9699333        12  2.33082777   {txt}Prob > F        ={res}    0.0028
{txt}    Residual {c |} {res} 1124.78688     1,218  .923470341   {txt}R-squared       ={res}    0.0243
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.0147
{txt}       Total {c |} {res} 1152.75681     1,230  .937200658   {txt}Root MSE        =   {res} .96097

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2}  .017044{col 26}{space 2} .1045868{col 37}{space 1}    0.16{col 46}{space 3}0.871{col 54}{space 4}-.1881463{col 67}{space 3} .2222343
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0184763{col 26}{space 2} .0137076{col 37}{space 1}    1.35{col 46}{space 3}0.178{col 54}{space 4}-.0084168{col 67}{space 3} .0453695
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0750193{col 26}{space 2} .1122522{col 37}{space 1}   -0.67{col 46}{space 3}0.504{col 54}{space 4}-.2952485{col 67}{space 3} .1452098
{txt}{space 10}2  {c |}{col 14}{res}{space 2} .0357399{col 26}{space 2}  .083117{col 37}{space 1}    0.43{col 46}{space 3}0.667{col 54}{space 4}-.1273285{col 67}{space 3} .1988083
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-.0262638{col 26}{space 2} .2205704{col 37}{space 1}   -0.12{col 46}{space 3}0.905{col 54}{space 4}-.4590039{col 67}{space 3} .4064763
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-.1305373{col 26}{space 2} .0763269{col 37}{space 1}   -1.71{col 46}{space 3}0.087{col 54}{space 4}-.2802842{col 67}{space 3} .0192095
{txt}{space 10}5  {c |}{col 14}{res}{space 2} .8129349{col 26}{space 2} .4335628{col 37}{space 1}    1.88{col 46}{space 3}0.061{col 54}{space 4} -.037678{col 67}{space 3} 1.663548
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2}  .047104{col 26}{space 2} .0638182{col 37}{space 1}    0.74{col 46}{space 3}0.461{col 54}{space 4}-.0781018{col 67}{space 3} .1723097
{txt}{space 6}single {c |}{col 14}{res}{space 2} .0888743{col 26}{space 2} .0744885{col 37}{space 1}    1.19{col 46}{space 3}0.233{col 54}{space 4}-.0572658{col 67}{space 3} .2350144
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2}-.0114782{col 26}{space 2} .0074436{col 37}{space 1}   -1.54{col 46}{space 3}0.123{col 54}{space 4}-.0260819{col 67}{space 3} .0031255
{txt}{space 8}male {c |}{col 14}{res}{space 2}-.0727056{col 26}{space 2} .0607154{col 37}{space 1}   -1.20{col 46}{space 3}0.231{col 54}{space 4} -.191824{col 67}{space 3} .0464127
{txt}{space 9}age {c |}{col 14}{res}{space 2}-.0063781{col 26}{space 2} .0020938{col 37}{space 1}   -3.05{col 46}{space 3}0.002{col 54}{space 4}-.0104861{col 67}{space 3}-.0022702
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-5.427616{col 26}{space 2} .1349994{col 37}{space 1}  -40.20{col 46}{space 3}0.000{col 54}{space 4}-5.692473{col 67}{space 3}-5.162759
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}     1,436
{txt}{hline 13}{c +}{hline 34}   F(12, 1423)     = {res}     0.98
{txt}       Model {c |} {res} 10.3386021        12  .861550172   {txt}Prob > F        ={res}    0.4684
{txt}    Residual {c |} {res} 1254.42722     1,423  .881537047   {txt}R-squared       ={res}    0.0082
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}   -0.0002
{txt}       Total {c |} {res} 1264.76582     1,435  .881369909   {txt}Root MSE        =   {res}  .9389

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2}-.1293121{col 26}{space 2} .0928436{col 37}{space 1}   -1.39{col 46}{space 3}0.164{col 54}{space 4}-.3114372{col 67}{space 3}  .052813
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0169687{col 26}{space 2} .0141963{col 37}{space 1}    1.20{col 46}{space 3}0.232{col 54}{space 4}-.0108792{col 67}{space 3} .0448165
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.0266746{col 26}{space 2} .1315542{col 37}{space 1}   -0.20{col 46}{space 3}0.839{col 54}{space 4}-.2847356{col 67}{space 3} .2313864
{txt}{space 10}2  {c |}{col 14}{res}{space 2} .0319078{col 26}{space 2} .0853617{col 37}{space 1}    0.37{col 46}{space 3}0.709{col 54}{space 4}-.1355406{col 67}{space 3} .1993561
{txt}{space 10}3  {c |}{col 14}{res}{space 2} .3631337{col 26}{space 2} .2268686{col 37}{space 1}    1.60{col 46}{space 3}0.110{col 54}{space 4}-.0818991{col 67}{space 3} .8081664
{txt}{space 10}4  {c |}{col 14}{res}{space 2} .0319986{col 26}{space 2} .0651492{col 37}{space 1}    0.49{col 46}{space 3}0.623{col 54}{space 4}-.0958001{col 67}{space 3} .1597973
{txt}{space 10}5  {c |}{col 14}{res}{space 2} .0982853{col 26}{space 2} .4218821{col 37}{space 1}    0.23{col 46}{space 3}0.816{col 54}{space 4}-.7292924{col 67}{space 3} .9258629
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2} .0775917{col 26}{space 2}   .05819{col 37}{space 1}    1.33{col 46}{space 3}0.183{col 54}{space 4}-.0365557{col 67}{space 3} .1917391
{txt}{space 6}single {c |}{col 14}{res}{space 2} .0016585{col 26}{space 2}  .055309{col 37}{space 1}    0.03{col 46}{space 3}0.976{col 54}{space 4}-.1068374{col 67}{space 3} .1101544
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2}  .007395{col 26}{space 2} .0066927{col 37}{space 1}    1.10{col 46}{space 3}0.269{col 54}{space 4}-.0057335{col 67}{space 3} .0205236
{txt}{space 8}male {c |}{col 14}{res}{space 2}-.0329263{col 26}{space 2} .0518073{col 37}{space 1}   -0.64{col 46}{space 3}0.525{col 54}{space 4}-.1345533{col 67}{space 3} .0687007
{txt}{space 9}age {c |}{col 14}{res}{space 2} .0030336{col 26}{space 2} .0018138{col 37}{space 1}    1.67{col 46}{space 3}0.095{col 54}{space 4}-.0005243{col 67}{space 3} .0065916
{txt}{space 7}_cons {c |}{col 14}{res}{space 2} -5.72957{col 26}{space 2} .1191496{col 37}{space 1}  -48.09{col 46}{space 3}0.000{col 54}{space 4}-5.963298{col 67}{space 3}-5.495843
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}     1,296
{txt}{hline 13}{c +}{hline 34}   F(12, 1283)     = {res}     3.02
{txt}       Model {c |} {res} 36.9908639        12  3.08257199   {txt}Prob > F        ={res}    0.0003
{txt}    Residual {c |} {res} 1309.76461     1,283  1.02086096   {txt}R-squared       ={res}    0.0275
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.0184
{txt}       Total {c |} {res} 1346.75547     1,295  1.03996562   {txt}Root MSE        =   {res} 1.0104

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2}-.0362383{col 26}{space 2} .1235937{col 37}{space 1}   -0.29{col 46}{space 3}0.769{col 54}{space 4}-.2787061{col 67}{space 3} .2062296
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0202229{col 26}{space 2} .0127602{col 37}{space 1}    1.58{col 46}{space 3}0.113{col 54}{space 4}-.0048102{col 67}{space 3}  .045256
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.2929769{col 26}{space 2} .1284806{col 37}{space 1}   -2.28{col 46}{space 3}0.023{col 54}{space 4}-.5450321{col 67}{space 3}-.0409218
{txt}{space 10}2  {c |}{col 14}{res}{space 2}-.1517871{col 26}{space 2} .0866774{col 37}{space 1}   -1.75{col 46}{space 3}0.080{col 54}{space 4}-.3218321{col 67}{space 3} .0182579
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-.1183294{col 26}{space 2}  .258886{col 37}{space 1}   -0.46{col 46}{space 3}0.648{col 54}{space 4}-.6262158{col 67}{space 3} .3895569
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-.0595033{col 26}{space 2} .0760371{col 37}{space 1}   -0.78{col 46}{space 3}0.434{col 54}{space 4} -.208674{col 67}{space 3} .0896675
{txt}{space 10}5  {c |}{col 14}{res}{space 2}-.1302338{col 26}{space 2} .4168291{col 37}{space 1}   -0.31{col 46}{space 3}0.755{col 54}{space 4}-.9479752{col 67}{space 3} .6875076
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2}-.2195887{col 26}{space 2}  .074327{col 37}{space 1}   -2.95{col 46}{space 3}0.003{col 54}{space 4}-.3654045{col 67}{space 3}-.0737729
{txt}{space 6}single {c |}{col 14}{res}{space 2}-.0090744{col 26}{space 2} .0697445{col 37}{space 1}   -0.13{col 46}{space 3}0.897{col 54}{space 4}-.1459002{col 67}{space 3} .1277514
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2} .0212007{col 26}{space 2} .0083505{col 37}{space 1}    2.54{col 46}{space 3}0.011{col 54}{space 4} .0048186{col 67}{space 3} .0375828
{txt}{space 8}male {c |}{col 14}{res}{space 2}-.0100545{col 26}{space 2} .0636085{col 37}{space 1}   -0.16{col 46}{space 3}0.874{col 54}{space 4}-.1348426{col 67}{space 3} .1147335
{txt}{space 9}age {c |}{col 14}{res}{space 2} -.002545{col 26}{space 2} .0022557{col 37}{space 1}   -1.13{col 46}{space 3}0.259{col 54}{space 4}-.0069702{col 67}{space 3} .0018802
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-5.513835{col 26}{space 2} .1455616{col 37}{space 1}  -37.88{col 46}{space 3}0.000{col 54}{space 4}  -5.7994{col 67}{space 3} -5.22827
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}     1,311
{txt}{hline 13}{c +}{hline 34}   F(12, 1298)     = {res}     1.41
{txt}       Model {c |} {res} 22.8813717        12  1.90678097   {txt}Prob > F        ={res}    0.1544
{txt}    Residual {c |} {res} 1755.36658     1,298  1.35236254   {txt}R-squared       ={res}    0.0129
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.0037
{txt}       Total {c |} {res} 1778.24795     1,310  1.35744119   {txt}Root MSE        =   {res} 1.1629

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2} .1302493{col 26}{space 2} .1184503{col 37}{space 1}    1.10{col 46}{space 3}0.272{col 54}{space 4}-.1021257{col 67}{space 3} .3626242
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0347602{col 26}{space 2} .0188615{col 37}{space 1}    1.84{col 46}{space 3}0.066{col 54}{space 4}-.0022423{col 67}{space 3} .0717626
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.1450509{col 26}{space 2}  .127328{col 37}{space 1}   -1.14{col 46}{space 3}0.255{col 54}{space 4} -.394842{col 67}{space 3} .1047403
{txt}{space 10}2  {c |}{col 14}{res}{space 2}-.1435827{col 26}{space 2}  .107242{col 37}{space 1}   -1.34{col 46}{space 3}0.181{col 54}{space 4}-.3539694{col 67}{space 3}  .066804
{txt}{space 10}3  {c |}{col 14}{res}{space 2}-.0842624{col 26}{space 2} .4148734{col 37}{space 1}   -0.20{col 46}{space 3}0.839{col 54}{space 4}-.8981582{col 67}{space 3} .7296335
{txt}{space 10}4  {c |}{col 14}{res}{space 2}-.0467216{col 26}{space 2} .0810648{col 37}{space 1}   -0.58{col 46}{space 3}0.564{col 54}{space 4}-.2057541{col 67}{space 3} .1123108
{txt}{space 10}5  {c |}{col 14}{res}{space 2} .2470505{col 26}{space 2}  .477886{col 37}{space 1}    0.52{col 46}{space 3}0.605{col 54}{space 4} -.690463{col 67}{space 3} 1.184564
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2}  .222562{col 26}{space 2} .0828594{col 37}{space 1}    2.69{col 46}{space 3}0.007{col 54}{space 4}  .060009{col 67}{space 3}  .385115
{txt}{space 6}single {c |}{col 14}{res}{space 2}-.0468357{col 26}{space 2} .0811739{col 37}{space 1}   -0.58{col 46}{space 3}0.564{col 54}{space 4}-.2060821{col 67}{space 3} .1124108
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2}-.0092084{col 26}{space 2} .0104493{col 37}{space 1}   -0.88{col 46}{space 3}0.378{col 54}{space 4}-.0297077{col 67}{space 3} .0112909
{txt}{space 8}male {c |}{col 14}{res}{space 2}-.1044611{col 26}{space 2} .0707643{col 37}{space 1}   -1.48{col 46}{space 3}0.140{col 54}{space 4} -.243286{col 67}{space 3} .0343637
{txt}{space 9}age {c |}{col 14}{res}{space 2} .0008317{col 26}{space 2} .0024583{col 37}{space 1}    0.34{col 46}{space 3}0.735{col 54}{space 4}-.0039911{col 67}{space 3} .0056544
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-5.438022{col 26}{space 2}  .179645{col 37}{space 1}  -30.27{col 46}{space 3}0.000{col 54}{space 4}-5.790449{col 67}{space 3}-5.085596
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}
{txt}      Source {c |}       SS           df       MS      Number of obs   ={res}     1,287
{txt}{hline 13}{c +}{hline 34}   F(12, 1274)     = {res}     8.72
{txt}       Model {c |} {res} 90.8854206        12  7.57378505   {txt}Prob > F        ={res}    0.0000
{txt}    Residual {c |} {res} 1106.06285     1,274  .868181203   {txt}R-squared       ={res}    0.0759
{txt}{hline 13}{c +}{hline 34}   Adj R-squared   ={res}    0.0672
{txt}       Total {c |} {res} 1196.94827     1,286  .930752934   {txt}Root MSE        =   {res} .93176

{txt}{hline 13}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 1}    SM_INDEX{col 14}{c |}      Coef.{col 26}   Std. Err.{col 38}      t{col 46}   P>|t|{col 54}     [95% Con{col 67}f. Interval]
{hline 13}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 1}contributor {c |}{col 14}{res}{space 2} .1454202{col 26}{space 2} .0830734{col 37}{space 1}    1.75{col 46}{space 3}0.080{col 54}{space 4}-.0175555{col 67}{space 3} .3083959
{txt}{space 6}income {c |}{col 14}{res}{space 2} .0397015{col 26}{space 2} .0111976{col 37}{space 1}    3.55{col 46}{space 3}0.000{col 54}{space 4} .0177337{col 67}{space 3} .0616693
{txt}{space 12} {c |}
{space 3}work_type {c |}
{space 10}1  {c |}{col 14}{res}{space 2}-.2207196{col 26}{space 2} .0940479{col 37}{space 1}   -2.35{col 46}{space 3}0.019{col 54}{space 4}-.4052254{col 67}{space 3}-.0362138
{txt}{space 10}2  {c |}{col 14}{res}{space 2} .1410815{col 26}{space 2} .0700015{col 37}{space 1}    2.02{col 46}{space 3}0.044{col 54}{space 4} .0037506{col 67}{space 3} .2784124
{txt}{space 10}3  {c |}{col 14}{res}{space 2} .0285944{col 26}{space 2} .1930033{col 37}{space 1}    0.15{col 46}{space 3}0.882{col 54}{space 4}-.3500449{col 67}{space 3} .4072337
{txt}{space 10}4  {c |}{col 14}{res}{space 2} .0227734{col 26}{space 2} .0813644{col 37}{space 1}    0.28{col 46}{space 3}0.780{col 54}{space 4}-.1368495{col 67}{space 3} .1823962
{txt}{space 10}5  {c |}{col 14}{res}{space 2} .2156385{col 26}{space 2}  .934481{col 37}{space 1}    0.23{col 46}{space 3}0.818{col 54}{space 4}-1.617652{col 67}{space 3} 2.048929
{txt}{space 12} {c |}
{space 7}rural {c |}{col 14}{res}{space 2}-.0247932{col 26}{space 2} .0943433{col 37}{space 1}   -0.26{col 46}{space 3}0.793{col 54}{space 4}-.2098785{col 67}{space 3}  .160292
{txt}{space 6}single {c |}{col 14}{res}{space 2} .0803099{col 26}{space 2} .0672994{col 37}{space 1}    1.19{col 46}{space 3}0.233{col 54}{space 4}-.0517199{col 67}{space 3} .2123398
{txt}{space 2}years_educ {c |}{col 14}{res}{space 2} .0402324{col 26}{space 2} .0078579{col 37}{space 1}    5.12{col 46}{space 3}0.000{col 54}{space 4} .0248167{col 67}{space 3} .0556482
{txt}{space 8}male {c |}{col 14}{res}{space 2}-.0125599{col 26}{space 2} .0545314{col 37}{space 1}   -0.23{col 46}{space 3}0.818{col 54}{space 4}-.1195411{col 67}{space 3} .0944213
{txt}{space 9}age {c |}{col 14}{res}{space 2} .0009276{col 26}{space 2}  .001718{col 37}{space 1}    0.54{col 46}{space 3}0.589{col 54}{space 4}-.0024428{col 67}{space 3} .0042979
{txt}{space 7}_cons {c |}{col 14}{res}{space 2}-6.593205{col 26}{space 2} .1237424{col 37}{space 1}  -53.28{col 46}{space 3}0.000{col 54}{space 4}-6.835966{col 67}{space 3}-6.350444
{txt}{hline 13}{c BT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{res}{txt}
{com}. esttab * using "Table4.csv", replace cells(b(star fmt(%9.3f) label(coef.)) se( fmt(%9.2f)label(SE))) stats(r2 N) label legend posthead("") prefoot("") postfoot("")  varlabels(_cons Constant) starlevels(* 0.10 ** 0.05 *** 0.01 ) number ("" "") 
{res}{txt}(output written to {browse  `"Table4.csv"'})

{com}. 
. 
. 
. 
. ###Table 5###
{err}Unknown #command
{com}. 
. {c -(}
. est clear
. gen sample = 1 if country != "Panama"  
{txt}(1,536 missing values generated)
{com}. xtreg SM_INDEX c.contributor##c.unemp           c.contributor##c.d_real_returns   income i.work_type rural  single years_educ male age   govdebt foreigninvestment contribover15    if sample ==1,r
{txt}note: contributor omitted because of collinearity
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0135                                         {txt}min = {res}     1,078
{txt}     between = {res}0.9108                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0594                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                      SM_INDEX{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.2793933{col 44}{space 2} .0540545{col 55}{space 1}   -5.17{col 64}{space 3}0.000{col 72}{space 4}-.3853381{col 85}{space 3}-.1734485
{txt}{space 25}unemp {c |}{col 32}{res}{space 2}-.0273837{col 44}{space 2} .0107687{col 55}{space 1}   -2.54{col 64}{space 3}0.011{col 72}{space 4}  -.04849{col 85}{space 3}-.0062775
{txt}{space 30} {c |}
{space 9}c.contributor#c.unemp {c |}{col 32}{res}{space 2} .0154348{col 44}{space 2} .0069978{col 55}{space 1}    2.21{col 64}{space 3}0.027{col 72}{space 4} .0017195{col 85}{space 3} .0291502
{txt}{space 30} {c |}
{space 19}contributor {c |}{col 32}{res}{space 2}        0{col 44}{txt}  (omitted)
{space 16}d_real_returns {c |}{col 32}{res}{space 2}-.0069261{col 44}{space 2} .0047524{col 55}{space 1}   -1.46{col 64}{space 3}0.145{col 72}{space 4}-.0162406{col 85}{space 3} .0023884
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0090443{col 44}{space 2} .0029008{col 55}{space 1}    3.12{col 64}{space 3}0.002{col 72}{space 4} .0033589{col 85}{space 3} .0147297
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0292493{col 44}{space 2} .0044222{col 55}{space 1}    6.61{col 64}{space 3}0.000{col 72}{space 4} .0205819{col 85}{space 3} .0379167
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1505178{col 44}{space 2} .0392161{col 55}{space 1}   -3.84{col 64}{space 3}0.000{col 72}{space 4}-.2273799{col 85}{space 3}-.0736558
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0241673{col 44}{space 2} .0373311{col 55}{space 1}   -0.65{col 64}{space 3}0.517{col 72}{space 4} -.097335{col 85}{space 3} .0490004
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .1847552{col 44}{space 2} .1092788{col 55}{space 1}    1.69{col 64}{space 3}0.091{col 72}{space 4}-.0294273{col 85}{space 3} .3989377
{txt}{space 28}4  {c |}{col 32}{res}{space 2} .0020993{col 44}{space 2} .0261237{col 55}{space 1}    0.08{col 64}{space 3}0.936{col 72}{space 4}-.0491023{col 85}{space 3} .0533008
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .2680494{col 44}{space 2} .1517676{col 55}{space 1}    1.77{col 64}{space 3}0.077{col 72}{space 4}-.0294095{col 85}{space 3} .5655084
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .0268219{col 44}{space 2} .0514514{col 55}{space 1}    0.52{col 64}{space 3}0.602{col 72}{space 4} -.074021{col 85}{space 3} .1276647
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0241548{col 44}{space 2} .0267819{col 55}{space 1}    0.90{col 64}{space 3}0.367{col 72}{space 4}-.0283367{col 85}{space 3} .0766463
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0082608{col 44}{space 2} .0051501{col 55}{space 1}    1.60{col 64}{space 3}0.109{col 72}{space 4}-.0018332{col 85}{space 3} .0183548
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0293174{col 44}{space 2} .0201948{col 55}{space 1}   -1.45{col 64}{space 3}0.147{col 72}{space 4}-.0688985{col 85}{space 3} .0102638
{txt}{space 27}age {c |}{col 32}{res}{space 2} -.002254{col 44}{space 2}  .001195{col 55}{space 1}   -1.89{col 64}{space 3}0.059{col 72}{space 4}-.0045961{col 85}{space 3} .0000881
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2}-.0005311{col 44}{space 2} .0028174{col 55}{space 1}   -0.19{col 64}{space 3}0.850{col 72}{space 4}-.0060532{col 85}{space 3}  .004991
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0015171{col 44}{space 2} .0041469{col 55}{space 1}    0.37{col 64}{space 3}0.714{col 72}{space 4}-.0066107{col 85}{space 3} .0096449
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-2.548669{col 44}{space 2} .3727389{col 55}{space 1}   -6.84{col 64}{space 3}0.000{col 72}{space 4}-3.279224{col 85}{space 3}-1.818114
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-4.935715{col 44}{space 2} .2395659{col 55}{space 1}  -20.60{col 64}{space 3}0.000{col 72}{space 4}-5.405256{col 85}{space 3}-4.466175
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.0090544
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
{com}. est store a
. xtreg SM_INDEX c.contributor##c.deflator        c.contributor##c.d_real_returns   income i.work_type rural  single years_educ male age   govdebt foreigninvestment contribover15    if sample ==1,r
{txt}note: contributor omitted because of collinearity
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0132                                         {txt}min = {res}     1,078
{txt}     between = {res}0.9022                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0587                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                      SM_INDEX{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2} -.178728{col 44}{space 2} .0694129{col 55}{space 1}   -2.57{col 64}{space 3}0.010{col 72}{space 4}-.3147748{col 85}{space 3}-.0426812
{txt}{space 22}deflator {c |}{col 32}{res}{space 2} .0589767{col 44}{space 2} .0186552{col 55}{space 1}    3.16{col 64}{space 3}0.002{col 72}{space 4} .0224132{col 85}{space 3} .0955401
{txt}{space 30} {c |}
{space 6}c.contributor#c.deflator {c |}{col 32}{res}{space 2} .0081197{col 44}{space 2} .0112536{col 55}{space 1}    0.72{col 64}{space 3}0.471{col 72}{space 4}-.0139369{col 85}{space 3} .0301763
{txt}{space 30} {c |}
{space 19}contributor {c |}{col 32}{res}{space 2}        0{col 44}{txt}  (omitted)
{space 16}d_real_returns {c |}{col 32}{res}{space 2}-.0114672{col 44}{space 2} .0047383{col 55}{space 1}   -2.42{col 64}{space 3}0.016{col 72}{space 4}-.0207542{col 85}{space 3}-.0021803
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2}  .008661{col 44}{space 2} .0033285{col 55}{space 1}    2.60{col 64}{space 3}0.009{col 72}{space 4} .0021373{col 85}{space 3} .0151848
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0313349{col 44}{space 2} .0047383{col 55}{space 1}    6.61{col 64}{space 3}0.000{col 72}{space 4} .0220481{col 85}{space 3} .0406217
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2} -.151563{col 44}{space 2} .0392502{col 55}{space 1}   -3.86{col 64}{space 3}0.000{col 72}{space 4} -.228492{col 85}{space 3}-.0746339
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0295036{col 44}{space 2} .0407592{col 55}{space 1}   -0.72{col 64}{space 3}0.469{col 72}{space 4}-.1093902{col 85}{space 3}  .050383
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .1709222{col 44}{space 2}   .11044{col 55}{space 1}    1.55{col 64}{space 3}0.122{col 72}{space 4}-.0455361{col 85}{space 3} .3873806
{txt}{space 28}4  {c |}{col 32}{res}{space 2}-.0100028{col 44}{space 2} .0236465{col 55}{space 1}   -0.42{col 64}{space 3}0.672{col 72}{space 4} -.056349{col 85}{space 3} .0363434
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .2726421{col 44}{space 2} .1564392{col 55}{space 1}    1.74{col 64}{space 3}0.081{col 72}{space 4}-.0339731{col 85}{space 3} .5792574
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .0728206{col 44}{space 2} .0602517{col 55}{space 1}    1.21{col 64}{space 3}0.227{col 72}{space 4}-.0452707{col 85}{space 3} .1909118
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0286403{col 44}{space 2} .0254484{col 55}{space 1}    1.13{col 64}{space 3}0.260{col 72}{space 4}-.0212376{col 85}{space 3} .0785183
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0102001{col 44}{space 2} .0049759{col 55}{space 1}    2.05{col 64}{space 3}0.040{col 72}{space 4} .0004474{col 85}{space 3} .0199527
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0326526{col 44}{space 2} .0199563{col 55}{space 1}   -1.64{col 64}{space 3}0.102{col 72}{space 4}-.0717662{col 85}{space 3} .0064611
{txt}{space 27}age {c |}{col 32}{res}{space 2}  -.00181{col 44}{space 2} .0011819{col 55}{space 1}   -1.53{col 64}{space 3}0.126{col 72}{space 4}-.0041265{col 85}{space 3} .0005066
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2} .0070102{col 44}{space 2} .0020826{col 55}{space 1}    3.37{col 64}{space 3}0.001{col 72}{space 4} .0029285{col 85}{space 3}  .011092
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0166799{col 44}{space 2}  .004345{col 55}{space 1}    3.84{col 64}{space 3}0.000{col 72}{space 4} .0081639{col 85}{space 3}  .025196
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-4.116241{col 44}{space 2} .6718011{col 55}{space 1}   -6.13{col 64}{space 3}0.000{col 72}{space 4}-5.432947{col 85}{space 3}-2.799535
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.558941{col 44}{space 2} .1222309{col 55}{space 1}  -45.48{col 64}{space 3}0.000{col 72}{space 4}-5.798509{col 85}{space 3}-5.319373
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.0091519
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
{com}. est store b 
. xtreg  SM_INDEX c.contributor##c.gdppcgrowth    c.contributor##c.d_real_returns   income i.work_type rural  single years_educ male age   govdebt foreigninvestment contribover15    if sample ==1,r
{txt}note: contributor omitted because of collinearity
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0132                                         {txt}min = {res}     1,078
{txt}     between = {res}0.8381                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0557                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                      SM_INDEX{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.1773984{col 44}{space 2} .0651553{col 55}{space 1}   -2.72{col 64}{space 3}0.006{col 72}{space 4}-.3051004{col 85}{space 3}-.0496964
{txt}{space 19}gdppcgrowth {c |}{col 32}{res}{space 2}-.7041053{col 44}{space 2} 1.898679{col 55}{space 1}   -0.37{col 64}{space 3}0.711{col 72}{space 4}-4.425448{col 85}{space 3} 3.017238
{txt}{space 30} {c |}
{space 3}c.contributor#c.gdppcgrowth {c |}{col 32}{res}{space 2}-.1076576{col 44}{space 2} 2.075049{col 55}{space 1}   -0.05{col 64}{space 3}0.959{col 72}{space 4}-4.174679{col 85}{space 3} 3.959364
{txt}{space 30} {c |}
{space 19}contributor {c |}{col 32}{res}{space 2}        0{col 44}{txt}  (omitted)
{space 16}d_real_returns {c |}{col 32}{res}{space 2}-.0036813{col 44}{space 2} .0041759{col 55}{space 1}   -0.88{col 64}{space 3}0.378{col 72}{space 4}-.0118659{col 85}{space 3} .0045033
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0096286{col 44}{space 2} .0048033{col 55}{space 1}    2.00{col 64}{space 3}0.045{col 72}{space 4} .0002142{col 85}{space 3}  .019043
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2}  .031112{col 44}{space 2} .0045259{col 55}{space 1}    6.87{col 64}{space 3}0.000{col 72}{space 4} .0222415{col 85}{space 3} .0399826
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1466879{col 44}{space 2} .0387916{col 55}{space 1}   -3.78{col 64}{space 3}0.000{col 72}{space 4} -.222718{col 85}{space 3}-.0706578
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0280832{col 44}{space 2} .0396911{col 55}{space 1}   -0.71{col 64}{space 3}0.479{col 72}{space 4}-.1058763{col 85}{space 3}   .04971
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .1764712{col 44}{space 2} .1078729{col 55}{space 1}    1.64{col 64}{space 3}0.102{col 72}{space 4}-.0349558{col 85}{space 3} .3878982
{txt}{space 28}4  {c |}{col 32}{res}{space 2}-.0033097{col 44}{space 2} .0238298{col 55}{space 1}   -0.14{col 64}{space 3}0.890{col 72}{space 4}-.0500153{col 85}{space 3} .0433958
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .2830479{col 44}{space 2} .1507547{col 55}{space 1}    1.88{col 64}{space 3}0.060{col 72}{space 4}-.0124258{col 85}{space 3} .5785215
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .0630425{col 44}{space 2} .0581305{col 55}{space 1}    1.08{col 64}{space 3}0.278{col 72}{space 4}-.0508912{col 85}{space 3} .1769762
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0213666{col 44}{space 2} .0272757{col 55}{space 1}    0.78{col 64}{space 3}0.433{col 72}{space 4}-.0320927{col 85}{space 3}  .074826
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0098679{col 44}{space 2} .0051815{col 55}{space 1}    1.90{col 64}{space 3}0.057{col 72}{space 4}-.0002876{col 85}{space 3} .0200234
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0278936{col 44}{space 2}   .01943{col 55}{space 1}   -1.44{col 64}{space 3}0.151{col 72}{space 4}-.0659757{col 85}{space 3} .0101884
{txt}{space 27}age {c |}{col 32}{res}{space 2} -.002161{col 44}{space 2} .0012068{col 55}{space 1}   -1.79{col 64}{space 3}0.073{col 72}{space 4}-.0045264{col 85}{space 3} .0002043
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2} .0040682{col 44}{space 2} .0029999{col 55}{space 1}    1.36{col 64}{space 3}0.175{col 72}{space 4}-.0018115{col 85}{space 3} .0099478
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0066587{col 44}{space 2} .0050549{col 55}{space 1}    1.32{col 64}{space 3}0.188{col 72}{space 4}-.0032486{col 85}{space 3}  .016566
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-2.432301{col 44}{space 2}  .588232{col 55}{space 1}   -4.13{col 64}{space 3}0.000{col 72}{space 4}-3.585214{col 85}{space 3}-1.279387
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.518183{col 44}{space 2} .1646338{col 55}{space 1}  -33.52{col 64}{space 3}0.000{col 72}{space 4}-5.840859{col 85}{space 3}-5.195507
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.0091552
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
{com}. est store c  
. xtreg SM_INDEX c.contributor##c.mandatory       c.contributor##c.d_real_returns   income i.work_type rural  single years_educ male age   govdebt foreigninvestment contribover15    if sample ==1,r
{txt}note: contributor omitted because of collinearity
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0133                                         {txt}min = {res}     1,078
{txt}     between = {res}0.9201                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0596                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                      SM_INDEX{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2} -.224009{col 44}{space 2} .1875943{col 55}{space 1}   -1.19{col 64}{space 3}0.232{col 72}{space 4}-.5916871{col 85}{space 3} .1436692
{txt}{space 21}mandatory {c |}{col 32}{res}{space 2}-.2773839{col 44}{space 2} .1190518{col 55}{space 1}   -2.33{col 64}{space 3}0.020{col 72}{space 4} -.510721{col 85}{space 3}-.0440467
{txt}{space 30} {c |}
{space 5}c.contributor#c.mandatory {c |}{col 32}{res}{space 2} .0119229{col 44}{space 2} .1407204{col 55}{space 1}    0.08{col 64}{space 3}0.932{col 72}{space 4}-.2638839{col 85}{space 3} .2877297
{txt}{space 30} {c |}
{space 19}contributor {c |}{col 32}{res}{space 2}        0{col 44}{txt}  (omitted)
{space 16}d_real_returns {c |}{col 32}{res}{space 2} -.010475{col 44}{space 2} .0026903{col 55}{space 1}   -3.89{col 64}{space 3}0.000{col 72}{space 4} -.015748{col 85}{space 3}-.0052021
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0110272{col 44}{space 2} .0046978{col 55}{space 1}    2.35{col 64}{space 3}0.019{col 72}{space 4} .0018196{col 85}{space 3} .0202347
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0333116{col 44}{space 2} .0046764{col 55}{space 1}    7.12{col 64}{space 3}0.000{col 72}{space 4} .0241459{col 85}{space 3} .0424773
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1404888{col 44}{space 2} .0374081{col 55}{space 1}   -3.76{col 64}{space 3}0.000{col 72}{space 4}-.2138074{col 85}{space 3}-.0671703
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0183636{col 44}{space 2} .0387546{col 55}{space 1}   -0.47{col 64}{space 3}0.636{col 72}{space 4}-.0943212{col 85}{space 3}  .057594
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .1731934{col 44}{space 2} .1081516{col 55}{space 1}    1.60{col 64}{space 3}0.109{col 72}{space 4}-.0387799{col 85}{space 3} .3851667
{txt}{space 28}4  {c |}{col 32}{res}{space 2}-.0127732{col 44}{space 2} .0238643{col 55}{space 1}   -0.54{col 64}{space 3}0.592{col 72}{space 4}-.0595464{col 85}{space 3}     .034
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .2921862{col 44}{space 2} .1514969{col 55}{space 1}    1.93{col 64}{space 3}0.054{col 72}{space 4}-.0047423{col 85}{space 3} .5891148
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2}  .058411{col 44}{space 2} .0631426{col 55}{space 1}    0.93{col 64}{space 3}0.355{col 72}{space 4}-.0653462{col 85}{space 3} .1821682
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0182407{col 44}{space 2} .0276392{col 55}{space 1}    0.66{col 64}{space 3}0.509{col 72}{space 4}-.0359311{col 85}{space 3} .0724125
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0100746{col 44}{space 2}  .005069{col 55}{space 1}    1.99{col 64}{space 3}0.047{col 72}{space 4} .0001396{col 85}{space 3} .0200096
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0315415{col 44}{space 2} .0205722{col 55}{space 1}   -1.53{col 64}{space 3}0.125{col 72}{space 4}-.0718623{col 85}{space 3} .0087794
{txt}{space 27}age {c |}{col 32}{res}{space 2}-.0016217{col 44}{space 2} .0011531{col 55}{space 1}   -1.41{col 64}{space 3}0.160{col 72}{space 4}-.0038817{col 85}{space 3} .0006382
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2} .0060244{col 44}{space 2} .0015363{col 55}{space 1}    3.92{col 64}{space 3}0.000{col 72}{space 4} .0030134{col 85}{space 3} .0090355
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0078797{col 44}{space 2} .0021876{col 55}{space 1}    3.60{col 64}{space 3}0.000{col 72}{space 4} .0035921{col 85}{space 3} .0121673
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-1.737876{col 44}{space 2} .3517223{col 55}{space 1}   -4.94{col 64}{space 3}0.000{col 72}{space 4}-2.427239{col 85}{space 3}-1.048513
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.478106{col 44}{space 2} .0910917{col 55}{space 1}  -60.14{col 64}{space 3}0.000{col 72}{space 4}-5.656642{col 85}{space 3}-5.299569
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.0091595
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
{com}. est store d
. xtreg SM_INDEX c.contributor##c.twoyear_d                                         income i.work_type rural  single years_educ male age   govdebt foreigninvestment contribover15    if sample ==1,r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0126                                         {txt}min = {res}     1,078
{txt}     between = {res}0.8577                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0562                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 91:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}                 SM_INDEX{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}contributor {c |}{col 27}{res}{space 2}-.0814573{col 39}{space 2} .0391401{col 50}{space 1}   -2.08{col 59}{space 3}0.037{col 67}{space 4}-.1581705{col 80}{space 3}-.0047441
{txt}{space 16}twoyear_d {c |}{col 27}{res}{space 2}-.0176813{col 39}{space 2} .0080099{col 50}{space 1}   -2.21{col 59}{space 3}0.027{col 67}{space 4}-.0333804{col 80}{space 3}-.0019821
{txt}{space 25} {c |}
c.contributor#c.twoyear_d {c |}{col 27}{res}{space 2} .0252073{col 39}{space 2}  .005754{col 50}{space 1}    4.38{col 59}{space 3}0.000{col 67}{space 4} .0139296{col 80}{space 3}  .036485
{txt}{space 25} {c |}
{space 19}income {c |}{col 27}{res}{space 2} .0277095{col 39}{space 2} .0034126{col 50}{space 1}    8.12{col 59}{space 3}0.000{col 67}{space 4} .0210209{col 80}{space 3} .0343981
{txt}{space 25} {c |}
{space 16}work_type {c |}
{space 23}1  {c |}{col 27}{res}{space 2}-.1549267{col 39}{space 2}  .043343{col 50}{space 1}   -3.57{col 59}{space 3}0.000{col 67}{space 4}-.2398774{col 80}{space 3}-.0699759
{txt}{space 23}2  {c |}{col 27}{res}{space 2}-.0281381{col 39}{space 2} .0323196{col 50}{space 1}   -0.87{col 59}{space 3}0.384{col 67}{space 4}-.0914833{col 80}{space 3} .0352071
{txt}{space 23}3  {c |}{col 27}{res}{space 2} .1814664{col 39}{space 2} .1079997{col 50}{space 1}    1.68{col 59}{space 3}0.093{col 67}{space 4}-.0302092{col 80}{space 3} .3931419
{txt}{space 23}4  {c |}{col 27}{res}{space 2} .0030366{col 39}{space 2} .0245845{col 50}{space 1}    0.12{col 59}{space 3}0.902{col 67}{space 4}-.0451482{col 80}{space 3} .0512214
{txt}{space 23}5  {c |}{col 27}{res}{space 2}  .281205{col 39}{space 2} .1495081{col 50}{space 1}    1.88{col 59}{space 3}0.060{col 67}{space 4}-.0118254{col 80}{space 3} .5742355
{txt}{space 25} {c |}
{space 20}rural {c |}{col 27}{res}{space 2} .0428098{col 39}{space 2} .0556708{col 50}{space 1}    0.77{col 59}{space 3}0.442{col 67}{space 4}-.0663029{col 80}{space 3} .1519226
{txt}{space 19}single {c |}{col 27}{res}{space 2} .0204433{col 39}{space 2} .0275227{col 50}{space 1}    0.74{col 59}{space 3}0.458{col 67}{space 4}-.0335003{col 80}{space 3} .0743869
{txt}{space 15}years_educ {c |}{col 27}{res}{space 2} .0083847{col 39}{space 2} .0052405{col 50}{space 1}    1.60{col 59}{space 3}0.110{col 67}{space 4}-.0018865{col 80}{space 3}  .018656
{txt}{space 21}male {c |}{col 27}{res}{space 2}-.0266869{col 39}{space 2} .0201281{col 50}{space 1}   -1.33{col 59}{space 3}0.185{col 67}{space 4}-.0661372{col 80}{space 3} .0127635
{txt}{space 22}age {c |}{col 27}{res}{space 2}-.0025229{col 39}{space 2} .0011475{col 50}{space 1}   -2.20{col 59}{space 3}0.028{col 67}{space 4} -.004772{col 80}{space 3}-.0002738
{txt}{space 18}govdebt {c |}{col 27}{res}{space 2} .0037085{col 39}{space 2} .0018097{col 50}{space 1}    2.05{col 59}{space 3}0.040{col 67}{space 4} .0001616{col 80}{space 3} .0072554
{txt}{space 8}foreigninvestment {c |}{col 27}{res}{space 2} .0049729{col 39}{space 2} .0038454{col 50}{space 1}    1.29{col 59}{space 3}0.196{col 67}{space 4} -.002564{col 80}{space 3} .0125097
{txt}{space 12}contribover15 {c |}{col 27}{res}{space 2}-2.490897{col 39}{space 2} .4478876{col 50}{space 1}   -5.56{col 59}{space 3}0.000{col 67}{space 4}-3.368741{col 80}{space 3}-1.613053
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-5.442884{col 39}{space 2} .1413912{col 50}{space 1}  -38.50{col 59}{space 3}0.000{col 67}{space 4}-5.720006{col 80}{space 3}-5.165763
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                  sigma_u {c |} {res}         0
                  {txt}sigma_e {c |} {res} 1.0093546
                      {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 26}{c BT}{hline 64}
{com}. est store e
. xtreg SM_INDEX c.contributor##c.threeyear_d                                       income i.work_type rural  single years_educ male age   govdebt foreigninvestment contribover15    if sample ==1,r
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,471
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0123                                         {txt}min = {res}     1,078
{txt}     between = {res}0.8271                                         {txt}avg = {res}   1,308.9
{txt}     overall = {res}0.0544                                         {txt}max = {res}     1,591

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 93:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 28}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 29}{c |}{col 41}    Robust
{col 1}                   SM_INDEX{col 29}{c |}      Coef.{col 41}   Std. Err.{col 53}      z{col 61}   P>|z|{col 69}     [95% Con{col 82}f. Interval]
{hline 28}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}contributor {c |}{col 29}{res}{space 2}-.0765481{col 41}{space 2} .0624809{col 52}{space 1}   -1.23{col 61}{space 3}0.221{col 69}{space 4}-.1990084{col 82}{space 3} .0459123
{txt}{space 16}threeyear_d {c |}{col 29}{res}{space 2} .0022868{col 41}{space 2} .0190271{col 52}{space 1}    0.12{col 61}{space 3}0.904{col 69}{space 4}-.0350056{col 82}{space 3} .0395793
{txt}{space 27} {c |}
c.contributor#c.threeyear_d {c |}{col 29}{res}{space 2} .0229955{col 41}{space 2} .0126105{col 52}{space 1}    1.82{col 61}{space 3}0.068{col 69}{space 4}-.0017206{col 82}{space 3} .0477116
{txt}{space 27} {c |}
{space 21}income {c |}{col 29}{res}{space 2} .0289139{col 41}{space 2} .0037118{col 52}{space 1}    7.79{col 61}{space 3}0.000{col 69}{space 4} .0216389{col 82}{space 3}  .036189
{txt}{space 27} {c |}
{space 18}work_type {c |}
{space 25}1  {c |}{col 29}{res}{space 2}-.1562655{col 41}{space 2} .0430876{col 52}{space 1}   -3.63{col 61}{space 3}0.000{col 69}{space 4}-.2407157{col 82}{space 3}-.0718153
{txt}{space 25}2  {c |}{col 29}{res}{space 2}-.0321878{col 41}{space 2} .0338675{col 52}{space 1}   -0.95{col 61}{space 3}0.342{col 69}{space 4}-.0985668{col 82}{space 3} .0341912
{txt}{space 25}3  {c |}{col 29}{res}{space 2} .1771272{col 41}{space 2} .1102438{col 52}{space 1}    1.61{col 61}{space 3}0.108{col 69}{space 4}-.0389466{col 82}{space 3}  .393201
{txt}{space 25}4  {c |}{col 29}{res}{space 2}-.0031775{col 41}{space 2} .0251071{col 52}{space 1}   -0.13{col 61}{space 3}0.899{col 69}{space 4}-.0523865{col 82}{space 3} .0460315
{txt}{space 25}5  {c |}{col 29}{res}{space 2} .2921962{col 41}{space 2} .1516358{col 52}{space 1}    1.93{col 61}{space 3}0.054{col 69}{space 4}-.0050045{col 82}{space 3} .5893969
{txt}{space 27} {c |}
{space 22}rural {c |}{col 29}{res}{space 2} .0709654{col 41}{space 2} .0624674{col 52}{space 1}    1.14{col 61}{space 3}0.256{col 69}{space 4}-.0514685{col 82}{space 3} .1933994
{txt}{space 21}single {c |}{col 29}{res}{space 2} .0197051{col 41}{space 2} .0271099{col 52}{space 1}    0.73{col 61}{space 3}0.467{col 69}{space 4}-.0334293{col 82}{space 3} .0728395
{txt}{space 17}years_educ {c |}{col 29}{res}{space 2} .0094892{col 41}{space 2} .0050781{col 52}{space 1}    1.87{col 61}{space 3}0.062{col 69}{space 4}-.0004636{col 82}{space 3} .0194421
{txt}{space 23}male {c |}{col 29}{res}{space 2}-.0270432{col 41}{space 2}  .020118{col 52}{space 1}   -1.34{col 61}{space 3}0.179{col 69}{space 4}-.0664737{col 82}{space 3} .0123874
{txt}{space 24}age {c |}{col 29}{res}{space 2}-.0023822{col 41}{space 2}  .001125{col 52}{space 1}   -2.12{col 61}{space 3}0.034{col 69}{space 4}-.0045873{col 82}{space 3}-.0001772
{txt}{space 20}govdebt {c |}{col 29}{res}{space 2} .0061854{col 41}{space 2} .0019349{col 52}{space 1}    3.20{col 61}{space 3}0.001{col 69}{space 4}  .002393{col 82}{space 3} .0099779
{txt}{space 10}foreigninvestment {c |}{col 29}{res}{space 2} .0077443{col 41}{space 2} .0031853{col 52}{space 1}    2.43{col 61}{space 3}0.015{col 69}{space 4} .0015013{col 82}{space 3} .0139872
{txt}{space 14}contribover15 {c |}{col 29}{res}{space 2}-2.184494{col 41}{space 2} .8721725{col 52}{space 1}   -2.50{col 61}{space 3}0.012{col 69}{space 4} -3.89392{col 82}{space 3}-.4750671
{txt}{space 22}_cons {c |}{col 29}{res}{space 2} -5.75557{col 41}{space 2} .2430395{col 52}{space 1}  -23.68{col 61}{space 3}0.000{col 69}{space 4}-6.231918{col 82}{space 3}-5.279221
{txt}{hline 28}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                    sigma_u {c |} {res}         0
                    {txt}sigma_e {c |} {res} 1.0095026
                        {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 28}{c BT}{hline 64}
{com}. est store f
. drop sample
. {c )-}
{txt}
{com}. 
. esttab * using "Table5.csv", replace cells(b(star fmt(%9.3f) label(coef.)) se( fmt(%9.2f)label(SE))) stats(r2 N) label legend posthead("") prefoot("") postfoot("")  varlabels(_cons Constant) starlevels(* 0.10 ** 0.05 *** 0.01 ) number ("" "") 
{res}{txt}(output written to {browse  `"Table5.csv"'})

{com}. 
. ##Table 6##
{err}Unknown #command
{com}. 
. 
. {c -(}
. est clear
. local DV  rs_pension rs_healthcare rs_wellbeing rs_ownindustry  rs_jobs  rs_inequality 
. foreach DV in `DV'{c -(}
{txt}  2{com}. xtreg `DV' c.contributor##c.d_real_returns income i.work_type rural  single years_educ male age govdebt foreigninvestment contribover15   if country != "Panama", r
{txt}  3{com}. est store `DV'
{txt}  4{com}. cap drop MVZ conbx consx ax upperx lowerx
{txt}  5{com}. matrix b=e(b)
{txt}  6{com}. matrix V=e(V)
{txt}  7{com}. scalar beta1=b[1,1]
{txt}  8{com}. scalar beta3=b[1,3]
{txt}  9{com}. scalar varb1=V[1,1]
{txt} 10{com}. scalar varb3=V[3,3]
{txt} 11{com}. scalar covb1b3=V[1,3]
{txt} 12{com}. scalar list beta1 beta3 varb1 varb3 covb1b3
{txt} 13{com}. su  d_real_returns if e(sample), detail
{txt} 14{com}. generate MVZ=r(p5) + (_n-1)*((r(p95) - r(p1))/10)
{txt} 15{com}. replace  MVZ=. if _n>11
{txt} 16{com}. gen conbx=beta1 + beta3*MVZ if MVZ !=.
{txt} 17{com}. gen consx=sqrt(varb1+varb3*(MVZ^2)+2*covb1b3*MVZ) if MVZ!=.
{txt} 18{com}. gen ax=1.96*consx
{txt} 19{com}. gen upperx=conbx+ax
{txt} 20{com}. gen lowerx=conbx-ax
{txt} 21{com}. twoway (hist d_real_returns if e(sample), sort yaxis(2) yscale(alt axis(2))col(gs14))(line conbx   MVZ, clpattern(solid) clwidth(medium) clcolor(black)  yscale(alt axis(1)))(line upperx  MVZ, clpattern(dash) clwidth(thin) clcolor(black))(line lowerx  MVZ, clpattern(dash) clwidth(thin) clcolor(black)), title( `DV', size(medsmall)) ytitle("Conditional Effect" " ", col(black)) xtitle(Real Pension Returns)  yline(0)name(`DV', replace) scheme(s1mono) legend(off)
{txt} 22{com}. local graphnames `graphnames' `DV'
{txt} 23{com}. {c )-}
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,881
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0104                                         {txt}min = {res}     1,135
{txt}     between = {res}0.7720                                         {txt}avg = {res}   1,360.1
{txt}     overall = {res}0.0407                                         {txt}max = {res}     1,644

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                    rs_pension{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.2603584{col 44}{space 2} .1013622{col 55}{space 1}   -2.57{col 64}{space 3}0.010{col 72}{space 4}-.4590246{col 85}{space 3}-.0616921
{txt}{space 16}d_real_returns {c |}{col 32}{res}{space 2}-.0055512{col 44}{space 2} .0067586{col 55}{space 1}   -0.82{col 64}{space 3}0.411{col 72}{space 4}-.0187978{col 85}{space 3} .0076955
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0100393{col 44}{space 2} .0043628{col 55}{space 1}    2.30{col 64}{space 3}0.021{col 72}{space 4} .0014885{col 85}{space 3} .0185902
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0289126{col 44}{space 2} .0064579{col 55}{space 1}    4.48{col 64}{space 3}0.000{col 72}{space 4} .0162553{col 85}{space 3}   .04157
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.0659997{col 44}{space 2} .0284991{col 55}{space 1}   -2.32{col 64}{space 3}0.021{col 72}{space 4} -.121857{col 85}{space 3}-.0101424
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0133308{col 44}{space 2} .0510348{col 55}{space 1}   -0.26{col 64}{space 3}0.794{col 72}{space 4}-.1133571{col 85}{space 3} .0866955
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .2125012{col 44}{space 2}  .143856{col 55}{space 1}    1.48{col 64}{space 3}0.140{col 72}{space 4}-.0694513{col 85}{space 3} .4944538
{txt}{space 28}4  {c |}{col 32}{res}{space 2}-.0236588{col 44}{space 2} .0392288{col 55}{space 1}   -0.60{col 64}{space 3}0.546{col 72}{space 4}-.1005459{col 85}{space 3} .0532282
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .4050763{col 44}{space 2} .0365353{col 55}{space 1}   11.09{col 64}{space 3}0.000{col 72}{space 4} .3334685{col 85}{space 3} .4766842
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .1103877{col 44}{space 2} .0780774{col 55}{space 1}    1.41{col 64}{space 3}0.157{col 72}{space 4}-.0426413{col 85}{space 3} .2634166
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0116184{col 44}{space 2} .0365522{col 55}{space 1}    0.32{col 64}{space 3}0.751{col 72}{space 4}-.0600226{col 85}{space 3} .0832595
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0022933{col 44}{space 2} .0070358{col 55}{space 1}    0.33{col 64}{space 3}0.744{col 72}{space 4}-.0114966{col 85}{space 3} .0160832
{txt}{space 26}male {c |}{col 32}{res}{space 2}  .005663{col 44}{space 2}   .02149{col 55}{space 1}    0.26{col 64}{space 3}0.792{col 72}{space 4}-.0364567{col 85}{space 3} .0477827
{txt}{space 27}age {c |}{col 32}{res}{space 2}-.0063183{col 44}{space 2} .0015954{col 55}{space 1}   -3.96{col 64}{space 3}0.000{col 72}{space 4}-.0094453{col 85}{space 3}-.0031914
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2} .0014305{col 44}{space 2}  .003343{col 55}{space 1}    0.43{col 64}{space 3}0.669{col 72}{space 4}-.0051217{col 85}{space 3} .0079826
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0086302{col 44}{space 2} .0058116{col 55}{space 1}    1.48{col 64}{space 3}0.138{col 72}{space 4}-.0027604{col 85}{space 3} .0200207
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-2.686444{col 44}{space 2} .7875835{col 55}{space 1}   -3.41{col 64}{space 3}0.001{col 72}{space 4}-4.230079{col 85}{space 3}-1.142808
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.485596{col 44}{space 2} .2138138{col 55}{space 1}  -25.66{col 64}{space 3}0.000{col 72}{space 4}-5.904664{col 85}{space 3}-5.066529
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.2953817
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
     beta1 = {res}-.26035839
{txt}     beta3 = {res} .01003935
{txt}     varb1 = {res}  .0102743
{txt}     varb3 = {res} .00001903
{txt}   covb1b3 = {res}-.00042549

                       {txt}d_real_returns
{hline 61}
      Percentiles      Smallest
 1%    {res}      5.6            5.6
{txt} 5%    {res}      5.6            5.6
{txt}10%    {res}      5.6            5.6       {txt}Obs         {res}     10,881
{txt}25%    {res}      7.8            5.6       {txt}Sum of Wgt. {res}     10,881

{txt}50%    {res}     22.5                      {txt}Mean          {res} 18.33222
                        {txt}Largest       Std. Dev.     {res} 10.30723
{txt}75%    {res}     26.8           32.9
{txt}90%    {res}     32.9           32.9       {txt}Variance      {res} 106.2391
{txt}95%    {res}     32.9           32.9       {txt}Skewness      {res} .0959043
{txt}99%    {res}     32.9           32.9       {txt}Kurtosis      {res} 1.310786
{txt}(32,032 real changes made, 32,032 to missing)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,992
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0057                                         {txt}min = {res}     1,137
{txt}     between = {res}0.5607                                         {txt}avg = {res}   1,374.0
{txt}     overall = {res}0.0204                                         {txt}max = {res}     1,647

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                 rs_healthcare{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.1947184{col 44}{space 2} .1008626{col 55}{space 1}   -1.93{col 64}{space 3}0.054{col 72}{space 4}-.3924054{col 85}{space 3} .0029686
{txt}{space 16}d_real_returns {c |}{col 32}{res}{space 2} .0003534{col 44}{space 2} .0059791{col 55}{space 1}    0.06{col 64}{space 3}0.953{col 72}{space 4}-.0113655{col 85}{space 3} .0120722
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0095126{col 44}{space 2} .0054983{col 55}{space 1}    1.73{col 64}{space 3}0.084{col 72}{space 4}-.0012639{col 85}{space 3} .0202891
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0162026{col 44}{space 2} .0079192{col 55}{space 1}    2.05{col 64}{space 3}0.041{col 72}{space 4} .0006812{col 85}{space 3} .0317239
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1603072{col 44}{space 2} .0443495{col 55}{space 1}   -3.61{col 64}{space 3}0.000{col 72}{space 4}-.2472306{col 85}{space 3}-.0733838
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0185809{col 44}{space 2} .0305612{col 55}{space 1}   -0.61{col 64}{space 3}0.543{col 72}{space 4}-.0784798{col 85}{space 3}  .041318
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .0200001{col 44}{space 2} .0989091{col 55}{space 1}    0.20{col 64}{space 3}0.840{col 72}{space 4}-.1738582{col 85}{space 3} .2138585
{txt}{space 28}4  {c |}{col 32}{res}{space 2}-.0238182{col 44}{space 2} .0243719{col 55}{space 1}   -0.98{col 64}{space 3}0.328{col 72}{space 4}-.0715861{col 85}{space 3} .0239498
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .2316268{col 44}{space 2} .1782698{col 55}{space 1}    1.30{col 64}{space 3}0.194{col 72}{space 4}-.1177756{col 85}{space 3} .5810292
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .0908155{col 44}{space 2} .0797919{col 55}{space 1}    1.14{col 64}{space 3}0.255{col 72}{space 4}-.0655737{col 85}{space 3} .2472047
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0559432{col 44}{space 2} .0294756{col 55}{space 1}    1.90{col 64}{space 3}0.058{col 72}{space 4}-.0018278{col 85}{space 3} .1137143
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0039708{col 44}{space 2} .0083124{col 55}{space 1}    0.48{col 64}{space 3}0.633{col 72}{space 4}-.0123212{col 85}{space 3} .0202627
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0366728{col 44}{space 2}  .031122{col 55}{space 1}   -1.18{col 64}{space 3}0.239{col 72}{space 4}-.0976708{col 85}{space 3} .0243253
{txt}{space 27}age {c |}{col 32}{res}{space 2}-.0029774{col 44}{space 2} .0019227{col 55}{space 1}   -1.55{col 64}{space 3}0.121{col 72}{space 4}-.0067458{col 85}{space 3}  .000791
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2}-.0007623{col 44}{space 2} .0030452{col 55}{space 1}   -0.25{col 64}{space 3}0.802{col 72}{space 4}-.0067309{col 85}{space 3} .0052062
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0017792{col 44}{space 2} .0049738{col 55}{space 1}    0.36{col 64}{space 3}0.721{col 72}{space 4}-.0079692{col 85}{space 3} .0115276
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-1.538831{col 44}{space 2} .7387396{col 55}{space 1}   -2.08{col 64}{space 3}0.037{col 72}{space 4}-2.986734{col 85}{space 3}-.0909284
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.885733{col 44}{space 2} .1735569{col 55}{space 1}  -33.91{col 64}{space 3}0.000{col 72}{space 4}-6.225898{col 85}{space 3}-5.545567
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.2078053
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
     beta1 = {res}-.19471842
{txt}     beta3 = {res} .00951261
{txt}     varb1 = {res} .01017326
{txt}     varb3 = {res} .00003023
{txt}   covb1b3 = {res}-.00049998

                       {txt}d_real_returns
{hline 61}
      Percentiles      Smallest
 1%    {res}      5.6            5.6
{txt} 5%    {res}      5.6            5.6
{txt}10%    {res}      5.6            5.6       {txt}Obs         {res}     10,992
{txt}25%    {res}      7.8            5.6       {txt}Sum of Wgt. {res}     10,992

{txt}50%    {res}     22.5                      {txt}Mean          {res} 18.35846
                        {txt}Largest       Std. Dev.     {res} 10.30636
{txt}75%    {res}     26.8           32.9
{txt}90%    {res}     32.9           32.9       {txt}Variance      {res}  106.221
{txt}95%    {res}     32.9           32.9       {txt}Skewness      {res} .0913421
{txt}99%    {res}     32.9           32.9       {txt}Kurtosis      {res} 1.308922
{txt}(32,032 real changes made, 32,032 to missing)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,918
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0079                                         {txt}min = {res}     1,126
{txt}     between = {res}0.8378                                         {txt}avg = {res}   1,364.8
{txt}     overall = {res}0.0435                                         {txt}max = {res}     1,634

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                  rs_wellbeing{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.2598084{col 44}{space 2} .0920662{col 55}{space 1}   -2.82{col 64}{space 3}0.005{col 72}{space 4}-.4402548{col 85}{space 3}-.0793621
{txt}{space 16}d_real_returns {c |}{col 32}{res}{space 2}-.0140662{col 44}{space 2} .0060357{col 55}{space 1}   -2.33{col 64}{space 3}0.020{col 72}{space 4}-.0258959{col 85}{space 3}-.0022365
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0122586{col 44}{space 2} .0062077{col 55}{space 1}    1.97{col 64}{space 3}0.048{col 72}{space 4} .0000917{col 85}{space 3} .0244255
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0313222{col 44}{space 2} .0058231{col 55}{space 1}    5.38{col 64}{space 3}0.000{col 72}{space 4} .0199091{col 85}{space 3} .0427353
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1037538{col 44}{space 2} .0602238{col 55}{space 1}   -1.72{col 64}{space 3}0.085{col 72}{space 4}-.2217904{col 85}{space 3} .0142827
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0290044{col 44}{space 2} .0287839{col 55}{space 1}   -1.01{col 64}{space 3}0.314{col 72}{space 4}-.0854199{col 85}{space 3} .0274111
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .1219156{col 44}{space 2} .0917535{col 55}{space 1}    1.33{col 64}{space 3}0.184{col 72}{space 4} -.057918{col 85}{space 3} .3017491
{txt}{space 28}4  {c |}{col 32}{res}{space 2} .0019872{col 44}{space 2} .0182774{col 55}{space 1}    0.11{col 64}{space 3}0.913{col 72}{space 4}-.0338358{col 85}{space 3} .0378102
{txt}{space 28}5  {c |}{col 32}{res}{space 2}  .423627{col 44}{space 2} .2419905{col 55}{space 1}    1.75{col 64}{space 3}0.080{col 72}{space 4}-.0506657{col 85}{space 3} .8979197
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2}  .091923{col 44}{space 2}   .08146{col 55}{space 1}    1.13{col 64}{space 3}0.259{col 72}{space 4}-.0677357{col 85}{space 3} .2515817
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0309642{col 44}{space 2} .0253033{col 55}{space 1}    1.22{col 64}{space 3}0.221{col 72}{space 4}-.0186294{col 85}{space 3} .0805579
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0057735{col 44}{space 2} .0069014{col 55}{space 1}    0.84{col 64}{space 3}0.403{col 72}{space 4} -.007753{col 85}{space 3} .0192999
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0777684{col 44}{space 2} .0358334{col 55}{space 1}   -2.17{col 64}{space 3}0.030{col 72}{space 4}-.1480005{col 85}{space 3}-.0075362
{txt}{space 27}age {c |}{col 32}{res}{space 2} -.004349{col 44}{space 2} .0016031{col 55}{space 1}   -2.71{col 64}{space 3}0.007{col 72}{space 4} -.007491{col 85}{space 3}-.0012069
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2} .0050806{col 44}{space 2}  .003134{col 55}{space 1}    1.62{col 64}{space 3}0.105{col 72}{space 4}-.0010619{col 85}{space 3} .0112232
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0166675{col 44}{space 2} .0052775{col 55}{space 1}    3.16{col 64}{space 3}0.002{col 72}{space 4} .0063238{col 85}{space 3} .0270113
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-3.440493{col 44}{space 2} .7362317{col 55}{space 1}   -4.67{col 64}{space 3}0.000{col 72}{space 4} -4.88348{col 85}{space 3}-1.997505
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.266858{col 44}{space 2} .1687053{col 55}{space 1}  -31.22{col 64}{space 3}0.000{col 72}{space 4}-5.597515{col 85}{space 3}-4.936202
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.4526368
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
     beta1 = {res}-.25980845
{txt}     beta3 = {res} .01225859
{txt}     varb1 = {res} .00847618
{txt}     varb3 = {res} .00003854
{txt}   covb1b3 = {res}-.00056317

                       {txt}d_real_returns
{hline 61}
      Percentiles      Smallest
 1%    {res}      5.6            5.6
{txt} 5%    {res}      5.6            5.6
{txt}10%    {res}      5.6            5.6       {txt}Obs         {res}     10,918
{txt}25%    {res}      7.8            5.6       {txt}Sum of Wgt. {res}     10,918

{txt}50%    {res}     22.5                      {txt}Mean          {res}  18.3494
                        {txt}Largest       Std. Dev.     {res} 10.31106
{txt}75%    {res}     26.8           32.9
{txt}90%    {res}     32.9           32.9       {txt}Variance      {res} 106.3179
{txt}95%    {res}     32.9           32.9       {txt}Skewness      {res} .0922182
{txt}99%    {res}     32.9           32.9       {txt}Kurtosis      {res} 1.308597
{txt}(32,032 real changes made, 32,032 to missing)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,732
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0161                                         {txt}min = {res}     1,111
{txt}     between = {res}0.7899                                         {txt}avg = {res}   1,341.5
{txt}     overall = {res}0.0373                                         {txt}max = {res}     1,612

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                rs_ownindustry{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.0880205{col 44}{space 2} .1197243{col 55}{space 1}   -0.74{col 64}{space 3}0.462{col 72}{space 4}-.3226758{col 85}{space 3} .1466349
{txt}{space 16}d_real_returns {c |}{col 32}{res}{space 2}-.0036535{col 44}{space 2} .0056617{col 55}{space 1}   -0.65{col 64}{space 3}0.519{col 72}{space 4}-.0147502{col 85}{space 3} .0074432
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0117776{col 44}{space 2} .0053932{col 55}{space 1}    2.18{col 64}{space 3}0.029{col 72}{space 4} .0012071{col 85}{space 3} .0223481
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0424227{col 44}{space 2} .0057222{col 55}{space 1}    7.41{col 64}{space 3}0.000{col 72}{space 4} .0312074{col 85}{space 3}  .053638
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1810378{col 44}{space 2} .0976452{col 55}{space 1}   -1.85{col 64}{space 3}0.064{col 72}{space 4} -.372419{col 85}{space 3} .0103433
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0491485{col 44}{space 2}  .090099{col 55}{space 1}   -0.55{col 64}{space 3}0.585{col 72}{space 4}-.2257394{col 85}{space 3} .1274424
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .5515236{col 44}{space 2} .1835869{col 55}{space 1}    3.00{col 64}{space 3}0.003{col 72}{space 4} .1916998{col 85}{space 3} .9113473
{txt}{space 28}4  {c |}{col 32}{res}{space 2}  .051743{col 44}{space 2}  .084051{col 55}{space 1}    0.62{col 64}{space 3}0.538{col 72}{space 4} -.112994{col 85}{space 3} .2164799
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .2485634{col 44}{space 2} .4525398{col 55}{space 1}    0.55{col 64}{space 3}0.583{col 72}{space 4}-.6383983{col 85}{space 3} 1.135525
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} -.084613{col 44}{space 2} .0652526{col 55}{space 1}   -1.30{col 64}{space 3}0.195{col 72}{space 4}-.2125058{col 85}{space 3} .0432797
{txt}{space 24}single {c |}{col 32}{res}{space 2} -.035753{col 44}{space 2} .0557098{col 55}{space 1}   -0.64{col 64}{space 3}0.521{col 72}{space 4}-.1449422{col 85}{space 3} .0734362
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0410495{col 44}{space 2} .0063597{col 55}{space 1}    6.45{col 64}{space 3}0.000{col 72}{space 4} .0285846{col 85}{space 3} .0535143
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0277487{col 44}{space 2} .0463843{col 55}{space 1}   -0.60{col 64}{space 3}0.550{col 72}{space 4}-.1186604{col 85}{space 3} .0631629
{txt}{space 27}age {c |}{col 32}{res}{space 2} .0033774{col 44}{space 2} .0027102{col 55}{space 1}    1.25{col 64}{space 3}0.213{col 72}{space 4}-.0019345{col 85}{space 3} .0086892
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2} .0124671{col 44}{space 2} .0025282{col 55}{space 1}    4.93{col 64}{space 3}0.000{col 72}{space 4}  .007512{col 85}{space 3} .0174222
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0005713{col 44}{space 2}  .003356{col 55}{space 1}    0.17{col 64}{space 3}0.865{col 72}{space 4}-.0060063{col 85}{space 3} .0071489
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-1.761216{col 44}{space 2} .5574247{col 55}{space 1}   -3.16{col 64}{space 3}0.002{col 72}{space 4}-2.853749{col 85}{space 3}-.6686839
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.247554{col 44}{space 2} .1394671{col 55}{space 1}  -37.63{col 64}{space 3}0.000{col 72}{space 4}-5.520904{col 85}{space 3}-4.974203
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 2.1180891
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
     beta1 = {res}-.08802048
{txt}     beta3 = {res}  .0117776
{txt}     varb1 = {res} .01433391
{txt}     varb3 = {res} .00002909
{txt}   covb1b3 = {res}-.00054233

                       {txt}d_real_returns
{hline 61}
      Percentiles      Smallest
 1%    {res}      5.6            5.6
{txt} 5%    {res}      5.6            5.6
{txt}10%    {res}      5.6            5.6       {txt}Obs         {res}     10,732
{txt}25%    {res}      7.8            5.6       {txt}Sum of Wgt. {res}     10,732

{txt}50%    {res}     22.5                      {txt}Mean          {res} 18.30378
                        {txt}Largest       Std. Dev.     {res} 10.31643
{txt}75%    {res}     26.8           32.9
{txt}90%    {res}     32.9           32.9       {txt}Variance      {res} 106.4288
{txt}95%    {res}     32.9           32.9       {txt}Skewness      {res} .1004997
{txt}99%    {res}     32.9           32.9       {txt}Kurtosis      {res} 1.311047
{txt}(32,032 real changes made, 32,032 to missing)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,974
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0208                                         {txt}min = {res}     1,134
{txt}     between = {res}0.6950                                         {txt}avg = {res}   1,371.8
{txt}     overall = {res}0.0355                                         {txt}max = {res}     1,643

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                       rs_jobs{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2}-.1196068{col 44}{space 2} .1116021{col 55}{space 1}   -1.07{col 64}{space 3}0.284{col 72}{space 4}-.3383428{col 85}{space 3} .0991292
{txt}{space 16}d_real_returns {c |}{col 32}{res}{space 2}-.0025841{col 44}{space 2}  .005022{col 55}{space 1}   -0.51{col 64}{space 3}0.607{col 72}{space 4}-.0124271{col 85}{space 3} .0072589
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2}  .005952{col 44}{space 2} .0058165{col 55}{space 1}    1.02{col 64}{space 3}0.306{col 72}{space 4}-.0054482{col 85}{space 3} .0173521
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0655674{col 44}{space 2} .0116364{col 55}{space 1}    5.63{col 64}{space 3}0.000{col 72}{space 4} .0427605{col 85}{space 3} .0883742
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1496784{col 44}{space 2} .0574745{col 55}{space 1}   -2.60{col 64}{space 3}0.009{col 72}{space 4}-.2623263{col 85}{space 3}-.0370305
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0213032{col 44}{space 2} .0389426{col 55}{space 1}   -0.55{col 64}{space 3}0.584{col 72}{space 4}-.0976292{col 85}{space 3} .0550229
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .2130493{col 44}{space 2} .1110543{col 55}{space 1}    1.92{col 64}{space 3}0.055{col 72}{space 4}-.0046132{col 85}{space 3} .4307118
{txt}{space 28}4  {c |}{col 32}{res}{space 2} .0030109{col 44}{space 2} .0374032{col 55}{space 1}    0.08{col 64}{space 3}0.936{col 72}{space 4}-.0702979{col 85}{space 3} .0763198
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .3841751{col 44}{space 2} .1716762{col 55}{space 1}    2.24{col 64}{space 3}0.025{col 72}{space 4} .0476959{col 85}{space 3} .7206542
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .1217429{col 44}{space 2} .0663391{col 55}{space 1}    1.84{col 64}{space 3}0.066{col 72}{space 4}-.0082794{col 85}{space 3} .2517652
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0314557{col 44}{space 2} .0307474{col 55}{space 1}    1.02{col 64}{space 3}0.306{col 72}{space 4} -.028808{col 85}{space 3} .0917195
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2} .0232232{col 44}{space 2} .0091519{col 55}{space 1}    2.54{col 64}{space 3}0.011{col 72}{space 4} .0052858{col 85}{space 3} .0411607
{txt}{space 26}male {c |}{col 32}{res}{space 2} .0140431{col 44}{space 2} .0236225{col 55}{space 1}    0.59{col 64}{space 3}0.552{col 72}{space 4}-.0322562{col 85}{space 3} .0603424
{txt}{space 27}age {c |}{col 32}{res}{space 2} .0013957{col 44}{space 2} .0020995{col 55}{space 1}    0.66{col 64}{space 3}0.506{col 72}{space 4}-.0027192{col 85}{space 3} .0055106
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2} .0066012{col 44}{space 2} .0023536{col 55}{space 1}    2.80{col 64}{space 3}0.005{col 72}{space 4} .0019882{col 85}{space 3} .0112143
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0124275{col 44}{space 2} .0037189{col 55}{space 1}    3.34{col 64}{space 3}0.001{col 72}{space 4} .0051387{col 85}{space 3} .0197164
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-1.826931{col 44}{space 2} .6177495{col 55}{space 1}   -2.96{col 64}{space 3}0.003{col 72}{space 4}-3.037698{col 85}{space 3}-.6161641
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-6.577831{col 44}{space 2} .1899697{col 55}{space 1}  -34.63{col 64}{space 3}0.000{col 72}{space 4}-6.950165{col 85}{space 3}-6.205497
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.3859462
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
     beta1 = {res}-.11960683
{txt}     beta3 = {res} .00595196
{txt}     varb1 = {res} .01245502
{txt}     varb3 = {res} .00003383
{txt}   covb1b3 = {res}-.00063106

                       {txt}d_real_returns
{hline 61}
      Percentiles      Smallest
 1%    {res}      5.6            5.6
{txt} 5%    {res}      5.6            5.6
{txt}10%    {res}      5.6            5.6       {txt}Obs         {res}     10,974
{txt}25%    {res}      7.8            5.6       {txt}Sum of Wgt. {res}     10,974

{txt}50%    {res}     22.5                      {txt}Mean          {res} 18.35681
                        {txt}Largest       Std. Dev.     {res} 10.30682
{txt}75%    {res}     26.8           32.9
{txt}90%    {res}     32.9           32.9       {txt}Variance      {res} 106.2305
{txt}95%    {res}     32.9           32.9       {txt}Skewness      {res} .0909433
{txt}99%    {res}     32.9           32.9       {txt}Kurtosis      {res} 1.308545
{txt}(32,032 real changes made, 32,032 to missing)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}    10,919
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         8

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0048                                         {txt}min = {res}     1,132
{txt}     between = {res}0.7882                                         {txt}avg = {res}   1,364.9
{txt}     overall = {res}0.0300                                         {txt}max = {res}     1,638

                                                {txt}{help j_robustsingular##|_new:Wald chi2(7)}{col 67}={col 70}{res}        .
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}     .

{txt}{ralign 96:(Std. Err. adjusted for {res:8} clusters in cowcode)}
{hline 31}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 32}{c |}{col 44}    Robust
{col 1}                 rs_inequality{col 32}{c |}      Coef.{col 44}   Std. Err.{col 56}      z{col 64}   P>|z|{col 72}     [95% Con{col 85}f. Interval]
{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contributor {c |}{col 32}{res}{space 2} -.124459{col 44}{space 2} .0844315{col 55}{space 1}   -1.47{col 64}{space 3}0.140{col 72}{space 4}-.2899417{col 85}{space 3} .0410238
{txt}{space 16}d_real_returns {c |}{col 32}{res}{space 2}-.0058333{col 44}{space 2} .0054647{col 55}{space 1}   -1.07{col 64}{space 3}0.286{col 72}{space 4}-.0165438{col 85}{space 3} .0048773
{txt}{space 30} {c |}
c.contributor#c.d_real_returns {c |}{col 32}{res}{space 2} .0038861{col 44}{space 2} .0041821{col 55}{space 1}    0.93{col 64}{space 3}0.353{col 72}{space 4}-.0043106{col 85}{space 3} .0120828
{txt}{space 30} {c |}
{space 24}income {c |}{col 32}{res}{space 2} .0407626{col 44}{space 2} .0059988{col 55}{space 1}    6.80{col 64}{space 3}0.000{col 72}{space 4} .0290051{col 85}{space 3}   .05252
{txt}{space 30} {c |}
{space 21}work_type {c |}
{space 28}1  {c |}{col 32}{res}{space 2}-.1586059{col 44}{space 2} .0418353{col 55}{space 1}   -3.79{col 64}{space 3}0.000{col 72}{space 4}-.2406015{col 85}{space 3}-.0766102
{txt}{space 28}2  {c |}{col 32}{res}{space 2}-.0067523{col 44}{space 2} .0600488{col 55}{space 1}   -0.11{col 64}{space 3}0.910{col 72}{space 4}-.1244458{col 85}{space 3} .1109412
{txt}{space 28}3  {c |}{col 32}{res}{space 2} .0545063{col 44}{space 2} .1572648{col 55}{space 1}    0.35{col 64}{space 3}0.729{col 72}{space 4} -.253727{col 85}{space 3} .3627395
{txt}{space 28}4  {c |}{col 32}{res}{space 2} .0113867{col 44}{space 2}  .025164{col 55}{space 1}    0.45{col 64}{space 3}0.651{col 72}{space 4}-.0379338{col 85}{space 3} .0607072
{txt}{space 28}5  {c |}{col 32}{res}{space 2} .4188222{col 44}{space 2}  .279193{col 55}{space 1}    1.50{col 64}{space 3}0.134{col 72}{space 4} -.128386{col 85}{space 3} .9660305
{txt}{space 30} {c |}
{space 25}rural {c |}{col 32}{res}{space 2} .1028358{col 44}{space 2} .0573343{col 55}{space 1}    1.79{col 64}{space 3}0.073{col 72}{space 4}-.0095374{col 85}{space 3} .2152089
{txt}{space 24}single {c |}{col 32}{res}{space 2} .0277884{col 44}{space 2} .0195175{col 55}{space 1}    1.42{col 64}{space 3}0.155{col 72}{space 4}-.0104652{col 85}{space 3} .0660421
{txt}{space 20}years_educ {c |}{col 32}{res}{space 2}-.0046746{col 44}{space 2} .0050611{col 55}{space 1}   -0.92{col 64}{space 3}0.356{col 72}{space 4}-.0145942{col 85}{space 3}  .005245
{txt}{space 26}male {c |}{col 32}{res}{space 2}-.0231345{col 44}{space 2} .0346923{col 55}{space 1}   -0.67{col 64}{space 3}0.505{col 72}{space 4}-.0911301{col 85}{space 3} .0448612
{txt}{space 27}age {c |}{col 32}{res}{space 2}-.0008777{col 44}{space 2} .0019656{col 55}{space 1}   -0.45{col 64}{space 3}0.655{col 72}{space 4}-.0047303{col 85}{space 3} .0029748
{txt}{space 23}govdebt {c |}{col 32}{res}{space 2} .0018621{col 44}{space 2}  .003022{col 55}{space 1}    0.62{col 64}{space 3}0.538{col 72}{space 4}-.0040609{col 85}{space 3}  .007785
{txt}{space 13}foreigninvestment {c |}{col 32}{res}{space 2} .0061825{col 44}{space 2} .0049744{col 55}{space 1}    1.24{col 64}{space 3}0.214{col 72}{space 4}-.0035671{col 85}{space 3} .0159321
{txt}{space 17}contribover15 {c |}{col 32}{res}{space 2}-2.591074{col 44}{space 2} .7033793{col 55}{space 1}   -3.68{col 64}{space 3}0.000{col 72}{space 4}-3.969672{col 85}{space 3}-1.212476
{txt}{space 25}_cons {c |}{col 32}{res}{space 2}-5.631586{col 44}{space 2} .2201694{col 55}{space 1}  -25.58{col 64}{space 3}0.000{col 72}{space 4}-6.063111{col 85}{space 3}-5.200062
{txt}{hline 31}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                       sigma_u {c |} {res}         0
                       {txt}sigma_e {c |} {res} 1.3603358
                           {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 31}{c BT}{hline 64}
     beta1 = {res}-.12445899
{txt}     beta3 = {res} .00388611
{txt}     varb1 = {res} .00712868
{txt}     varb3 = {res} .00001749
{txt}   covb1b3 = {res}-.00033013

                       {txt}d_real_returns
{hline 61}
      Percentiles      Smallest
 1%    {res}      5.6            5.6
{txt} 5%    {res}      5.6            5.6
{txt}10%    {res}      5.6            5.6       {txt}Obs         {res}     10,919
{txt}25%    {res}      7.8            5.6       {txt}Sum of Wgt. {res}     10,919

{txt}50%    {res}     22.5                      {txt}Mean          {res}  18.3456
                        {txt}Largest       Std. Dev.     {res} 10.30479
{txt}75%    {res}     26.8           32.9
{txt}90%    {res}     32.9           32.9       {txt}Variance      {res} 106.1887
{txt}95%    {res}     32.9           32.9       {txt}Skewness      {res} .0931971
{txt}99%    {res}     32.9           32.9       {txt}Kurtosis      {res} 1.309863
{txt}(32,032 real changes made, 32,032 to missing)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
(32,032 missing values generated)
{res}{com}. {c )-}
{txt}
{com}. esttab * using "Table6.csv", replace cells(b(star fmt(%9.3f) label(coef.)) se( fmt(%9.2f)label(SE))) stats(r2 N) label legend posthead("") prefoot("") postfoot("")  varlabels(_cons Constant) starlevels(* 0.10 ** 0.05 *** 0.01 ) number ("" "") 
{res}{txt}(output written to {browse  `"Table6.csv"'})

{com}. grc1leg `graphnames', title (Figure 2: Conditional Effect of Pension Participation on Attitude Towards Governments Role in..., size(med)) scheme(s1mono)
{p 0 4 2}
{txt}(note:  named style
med not found in class
gsize,  default attributes used)
{p_end}
{res}{txt}
{com}. 
. 
. use "/Users/amkerner/Dropbox/ownership society/Data/survey data/LB/LB panel data.dta", clear
{txt}
{com}. 
. tsset cowcode year
{res}{txt}{col 8}panel variable:  {res}cowcode (weakly balanced)
{txt}{col 9}time variable:  {res}{col 25}year, 1995 to 2010
{txt}{col 17}delta:  {res}1 unit
{txt}
{com}. 
. replace mkt_econ_best2 = mkt_econ_best2*-1
{txt}(84 real changes made)

{com}. {c -(}
. est clear
. xtreg   mkt_econ_best2  c.contribover15   year if d_real_returns != .   ,  cl(cowcode)
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        41
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0023                                         {txt}min = {res}         1
{txt}     between = {res}0.5501                                         {txt}avg = {res}       4.1
{txt}     overall = {res}0.0190                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}2{txt})      =  {res}     0.69
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.7085

{txt}{ralign 79:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 15}{c |}{col 27}    Robust
{col 1}mkt_econ_be~2{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      z{col 47}   P>|z|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
contribover15 {c |}{col 15}{res}{space 2}-.0173735{col 27}{space 2} .2902986{col 38}{space 1}   -0.06{col 47}{space 3}0.952{col 55}{space 4}-.5863483{col 68}{space 3} .5516012
{txt}{space 9}year {c |}{col 15}{res}{space 2}  .005032{col 27}{space 2} .0061004{col 38}{space 1}    0.82{col 47}{space 3}0.409{col 55}{space 4}-.0069246{col 68}{space 3} .0169886
{txt}{space 8}_cons {c |}{col 15}{res}{space 2}-12.31373{col 27}{space 2}  12.2404{col 38}{space 1}   -1.01{col 47}{space 3}0.314{col 55}{space 4}-36.30448{col 68}{space 3} 11.67701
{txt}{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
      sigma_u {c |} {res} .04912103
      {txt}sigma_e {c |} {res} .15229558
          {txt}rho {c |} {res} .09422784{txt}   (fraction of variance due to u_i)
{hline 14}{c BT}{hline 64}
{com}. est store a
. xtreg  mkt_econ_best2   c.contribover15   gdppcgrowth  unemp  deflator lngdppc   year if d_real_returns != .  ,  cl(cowcode) 
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        40
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.1458                                         {txt}min = {res}         1
{txt}     between = {res}0.1998                                         {txt}avg = {res}       4.0
{txt}     overall = {res}0.0731                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}6{txt})      =  {res}     3.76
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.7095

{txt}{ralign 79:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 15}{c |}{col 27}    Robust
{col 1}mkt_econ_be~2{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      z{col 47}   P>|z|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
contribover15 {c |}{col 15}{res}{space 2} -.011485{col 27}{space 2} .4552003{col 38}{space 1}   -0.03{col 47}{space 3}0.980{col 55}{space 4}-.9036613{col 68}{space 3} .8806913
{txt}{space 2}gdppcgrowth {c |}{col 15}{res}{space 2}-.1342656{col 27}{space 2}  1.04003{col 38}{space 1}   -0.13{col 47}{space 3}0.897{col 55}{space 4}-2.172687{col 68}{space 3} 1.904156
{txt}{space 8}unemp {c |}{col 15}{res}{space 2}-.0084924{col 27}{space 2} .0115171{col 38}{space 1}   -0.74{col 47}{space 3}0.461{col 55}{space 4}-.0310654{col 68}{space 3} .0140807
{txt}{space 5}deflator {c |}{col 15}{res}{space 2}-.0029311{col 27}{space 2} .0053062{col 38}{space 1}   -0.55{col 47}{space 3}0.581{col 55}{space 4}-.0133311{col 68}{space 3} .0074688
{txt}{space 6}lngdppc {c |}{col 15}{res}{space 2}-.0187675{col 27}{space 2} .0718811{col 38}{space 1}   -0.26{col 47}{space 3}0.794{col 55}{space 4}-.1596519{col 68}{space 3} .1221169
{txt}{space 9}year {c |}{col 15}{res}{space 2} .0031756{col 27}{space 2} .0069552{col 38}{space 1}    0.46{col 47}{space 3}0.648{col 55}{space 4}-.0104564{col 68}{space 3} .0168076
{txt}{space 8}_cons {c |}{col 15}{res}{space 2}-8.342431{col 27}{space 2} 13.67503{col 38}{space 1}   -0.61{col 47}{space 3}0.542{col 55}{space 4}  -35.145{col 68}{space 3} 18.46014
{txt}{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
      sigma_u {c |} {res} .05060282
      {txt}sigma_e {c |} {res} .13776792
          {txt}rho {c |} {res} .11887507{txt}   (fraction of variance due to u_i)
{hline 14}{c BT}{hline 64}
{com}. est store b
. xtreg  mkt_econ_best2   c.contribover15       foreign   govdebt mandatory year  if d_real_returns != .  ,  cl(cowcode)  
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        41
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0627                                         {txt}min = {res}         1
{txt}     between = {res}0.5850                                         {txt}avg = {res}       4.1
{txt}     overall = {res}0.1730                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}5{txt})      =  {res}    13.07
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0228

{txt}{ralign 83:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 18}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 19}{c |}{col 31}    Robust
{col 1}   mkt_econ_best2{col 19}{c |}      Coef.{col 31}   Std. Err.{col 43}      z{col 51}   P>|z|{col 59}     [95% Con{col 72}f. Interval]
{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 4}contribover15 {c |}{col 19}{res}{space 2}  .645592{col 31}{space 2} .5258937{col 42}{space 1}    1.23{col 51}{space 3}0.220{col 59}{space 4}-.3851408{col 72}{space 3} 1.676325
{txt}foreigninvestment {c |}{col 19}{res}{space 2}-.0100424{col 31}{space 2} .0042675{col 42}{space 1}   -2.35{col 51}{space 3}0.019{col 59}{space 4}-.0184065{col 72}{space 3}-.0016784
{txt}{space 10}govdebt {c |}{col 19}{res}{space 2}-.0031307{col 31}{space 2} .0018169{col 42}{space 1}   -1.72{col 51}{space 3}0.085{col 59}{space 4}-.0066918{col 72}{space 3} .0004304
{txt}{space 8}mandatory {c |}{col 19}{res}{space 2}-.0347433{col 31}{space 2}   .14896{col 42}{space 1}   -0.23{col 51}{space 3}0.816{col 59}{space 4}-.3266995{col 72}{space 3} .2572129
{txt}{space 13}year {c |}{col 19}{res}{space 2} .0107262{col 31}{space 2} .0059138{col 42}{space 1}    1.81{col 51}{space 3}0.070{col 59}{space 4}-.0008646{col 72}{space 3} .0223171
{txt}{space 12}_cons {c |}{col 19}{res}{space 2} -23.5686{col 31}{space 2} 11.87837{col 42}{space 1}   -1.98{col 51}{space 3}0.047{col 59}{space 4}-46.84977{col 72}{space 3}-.2874311
{txt}{hline 18}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
          sigma_u {c |} {res} .07697652
          {txt}sigma_e {c |} {res} .15213725
              {txt}rho {c |} {res}  .2038237{txt}   (fraction of variance due to u_i)
{hline 18}{c BT}{hline 64}
{com}. est store c
. xtreg  mkt_econ_best2   c.contribover15      year  if d_real_returns != . ,  cl(cowcode)   fe
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}        41
{txt}Group variable: {res}cowcode{txt}{col 49}Number of groups{col 67}={col 69}{res}        10

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.0470{col 63}{txt}min{col 67}={col 69}{res}         1
{txt}     between = {res}0.0462{col 63}{txt}avg{col 67}={col 69}{res}       4.1
{txt}     overall = {res}0.0001{col 63}{txt}max{col 67}={col 69}{res}         5

{txt}{col 49}F({res}2{txt},{res}9{txt}){col 67}={col 70}{res}     0.44
{txt}corr(u_i, Xb){col 16}= {res}-0.8264{txt}{col 49}Prob > F{col 67}={col 73}{res}0.6543

{txt}{ralign 79:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 14}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 15}{c |}{col 27}    Robust
{col 1}mkt_econ_be~2{col 15}{c |}      Coef.{col 27}   Std. Err.{col 39}      t{col 47}   P>|t|{col 55}     [95% Con{col 68}f. Interval]
{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
contribover15 {c |}{col 15}{res}{space 2} 1.745682{col 27}{space 2}  1.96491{col 38}{space 1}    0.89{col 47}{space 3}0.397{col 55}{space 4}-2.699254{col 68}{space 3} 6.190617
{txt}{space 9}year {c |}{col 15}{res}{space 2}-.0056531{col 27}{space 2} .0063654{col 38}{space 1}   -0.89{col 47}{space 3}0.398{col 55}{space 4}-.0200525{col 68}{space 3} .0087464
{txt}{space 8}_cons {c |}{col 15}{res}{space 2} 8.822423{col 27}{space 2} 12.52117{col 38}{space 1}    0.70{col 47}{space 3}0.499{col 55}{space 4}-19.50244{col 68}{space 3} 37.14729
{txt}{hline 14}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
      sigma_u {c |} {res} .24021233
      {txt}sigma_e {c |} {res} .15229558
          {txt}rho {c |} {res} .71328656{txt}   (fraction of variance due to u_i)
{hline 14}{c BT}{hline 64}
{com}. est store d
. 
. xtreg   mkt_econ_best2  c.contribover15##c.corpsec   year if d_real_returns != .   ,  cl(cowcode)
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        41
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.0089                                         {txt}min = {res}         1
{txt}     between = {res}0.2587                                         {txt}avg = {res}       4.1
{txt}     overall = {res}0.0546                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}4{txt})      =  {res}     4.02
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.4036

{txt}{ralign 91:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}           mkt_econ_best2{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}contribover15 {c |}{col 27}{res}{space 2} .4055613{col 39}{space 2} .5520041{col 50}{space 1}    0.73{col 59}{space 3}0.463{col 67}{space 4}-.6763469{col 80}{space 3}  1.48747
{txt}{space 18}corpsec {c |}{col 27}{res}{space 2} .0045496{col 39}{space 2} .0032707{col 50}{space 1}    1.39{col 59}{space 3}0.164{col 67}{space 4} -.001861{col 80}{space 3} .0109601
{txt}{space 25} {c |}
c.contribover15#c.corpsec {c |}{col 27}{res}{space 2}-.0205597{col 39}{space 2} .0195831{col 50}{space 1}   -1.05{col 59}{space 3}0.294{col 67}{space 4}-.0589419{col 80}{space 3} .0178225
{txt}{space 25} {c |}
{space 21}year {c |}{col 27}{res}{space 2} .0033249{col 39}{space 2} .0053618{col 50}{space 1}    0.62{col 59}{space 3}0.535{col 67}{space 4}-.0071841{col 80}{space 3} .0138339
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-8.984586{col 39}{space 2} 10.80234{col 50}{space 1}   -0.83{col 59}{space 3}0.406{col 67}{space 4}-30.15679{col 80}{space 3} 12.18762
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                  sigma_u {c |} {res} .06560566
                  {txt}sigma_e {c |} {res} .15547771
                      {txt}rho {c |} {res} .15114091{txt}   (fraction of variance due to u_i)
{hline 26}{c BT}{hline 64}
{com}. est store e
. xtreg  mkt_econ_best2   c.contribover15##c.corpsec  gdppcgrowth  unemp  deflator lngdppc   year if d_real_returns != .  ,  cl(cowcode) 
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        40
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.2305                                         {txt}min = {res}         1
{txt}     between = {res}0.2049                                         {txt}avg = {res}       4.0
{txt}     overall = {res}0.0912                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}8{txt})      =  {res}    29.74
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0002

{txt}{ralign 91:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}           mkt_econ_best2{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}contribover15 {c |}{col 27}{res}{space 2} .2780961{col 39}{space 2} .6846134{col 50}{space 1}    0.41{col 59}{space 3}0.685{col 67}{space 4}-1.063721{col 80}{space 3} 1.619914
{txt}{space 18}corpsec {c |}{col 27}{res}{space 2} .0041003{col 39}{space 2} .0029115{col 50}{space 1}    1.41{col 59}{space 3}0.159{col 67}{space 4}-.0016061{col 80}{space 3} .0098068
{txt}{space 25} {c |}
c.contribover15#c.corpsec {c |}{col 27}{res}{space 2}-.0134576{col 39}{space 2} .0166143{col 50}{space 1}   -0.81{col 59}{space 3}0.418{col 67}{space 4}-.0460209{col 80}{space 3} .0191058
{txt}{space 25} {c |}
{space 14}gdppcgrowth {c |}{col 27}{res}{space 2}-.3708687{col 39}{space 2} 1.072289{col 50}{space 1}   -0.35{col 59}{space 3}0.729{col 67}{space 4}-2.472516{col 80}{space 3} 1.730778
{txt}{space 20}unemp {c |}{col 27}{res}{space 2}-.0144643{col 39}{space 2} .0121343{col 50}{space 1}   -1.19{col 59}{space 3}0.233{col 67}{space 4}-.0382471{col 80}{space 3} .0093185
{txt}{space 17}deflator {c |}{col 27}{res}{space 2}-.0011022{col 39}{space 2} .0060046{col 50}{space 1}   -0.18{col 59}{space 3}0.854{col 67}{space 4} -.012871{col 80}{space 3} .0106667
{txt}{space 18}lngdppc {c |}{col 27}{res}{space 2}-.0228991{col 39}{space 2} .0822978{col 50}{space 1}   -0.28{col 59}{space 3}0.781{col 67}{space 4}-.1841999{col 80}{space 3} .1384016
{txt}{space 21}year {c |}{col 27}{res}{space 2} .0011032{col 39}{space 2} .0063784{col 50}{space 1}    0.17{col 59}{space 3}0.863{col 67}{space 4}-.0113982{col 80}{space 3} .0136046
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-4.196025{col 39}{space 2} 12.51407{col 50}{space 1}   -0.34{col 59}{space 3}0.737{col 67}{space 4}-28.72316{col 80}{space 3} 20.33111
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                  sigma_u {c |} {res} .07724463
                  {txt}sigma_e {c |} {res} .14023022
                      {txt}rho {c |} {res} .23279137{txt}   (fraction of variance due to u_i)
{hline 26}{c BT}{hline 64}
{com}. est store f
. xtreg  mkt_econ_best2   c.contribover15##c.corpsec      foreign   govdebt mandatory year  if d_real_returns != .  ,  cl(cowcode)  
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        41
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.1142                                         {txt}min = {res}         1
{txt}     between = {res}0.3267                                         {txt}avg = {res}       4.1
{txt}     overall = {res}0.1490                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}7{txt})      =  {res}    17.15
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0165

{txt}{ralign 91:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}           mkt_econ_best2{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      z{col 59}   P>|z|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}contribover15 {c |}{col 27}{res}{space 2} .3833935{col 39}{space 2}  .802507{col 50}{space 1}    0.48{col 59}{space 3}0.633{col 67}{space 4}-1.189491{col 80}{space 3} 1.956278
{txt}{space 18}corpsec {c |}{col 27}{res}{space 2}-.0031742{col 39}{space 2} .0068714{col 50}{space 1}   -0.46{col 59}{space 3}0.644{col 67}{space 4}-.0166419{col 80}{space 3} .0102936
{txt}{space 25} {c |}
c.contribover15#c.corpsec {c |}{col 27}{res}{space 2} .0388022{col 39}{space 2} .0320227{col 50}{space 1}    1.21{col 59}{space 3}0.226{col 67}{space 4}-.0239611{col 80}{space 3} .1015656
{txt}{space 25} {c |}
{space 8}foreigninvestment {c |}{col 27}{res}{space 2}-.0123117{col 39}{space 2} .0058313{col 50}{space 1}   -2.11{col 59}{space 3}0.035{col 67}{space 4}-.0237408{col 80}{space 3}-.0008827
{txt}{space 18}govdebt {c |}{col 27}{res}{space 2}-.0024552{col 39}{space 2} .0032061{col 50}{space 1}   -0.77{col 59}{space 3}0.444{col 67}{space 4} -.008739{col 80}{space 3} .0038287
{txt}{space 16}mandatory {c |}{col 27}{res}{space 2}-.0887565{col 39}{space 2} .1983766{col 50}{space 1}   -0.45{col 59}{space 3}0.655{col 67}{space 4}-.4775676{col 80}{space 3} .3000545
{txt}{space 21}year {c |}{col 27}{res}{space 2} .0098167{col 39}{space 2} .0061205{col 50}{space 1}    1.60{col 59}{space 3}0.109{col 67}{space 4}-.0021792{col 80}{space 3} .0218126
{txt}{space 20}_cons {c |}{col 27}{res}{space 2}-21.72332{col 39}{space 2} 12.21764{col 50}{space 1}   -1.78{col 59}{space 3}0.075{col 67}{space 4}-45.66947{col 80}{space 3} 2.222818
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                  sigma_u {c |} {res} .13710257
                  {txt}sigma_e {c |} {res} .14788819
                      {txt}rho {c |} {res} .46220863{txt}   (fraction of variance due to u_i)
{hline 26}{c BT}{hline 64}
{com}. est store g
. xtreg  mkt_econ_best2   c.contribover15##c.corpsec      year  if d_real_returns != .  ,  cl(cowcode)   fe
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}        41
{txt}Group variable: {res}cowcode{txt}{col 49}Number of groups{col 67}={col 69}{res}        10

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.0752{col 63}{txt}min{col 67}={col 69}{res}         1
{txt}     between = {res}0.0483{col 63}{txt}avg{col 67}={col 69}{res}       4.1
{txt}     overall = {res}0.0005{col 63}{txt}max{col 67}={col 69}{res}         5

{txt}{col 49}F({res}4{txt},{res}9{txt}){col 67}={col 70}{res}     1.86
{txt}corr(u_i, Xb){col 16}= {res}-0.8323{txt}{col 49}Prob > F{col 67}={col 73}{res}0.2025

{txt}{ralign 91:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 26}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 27}{c |}{col 39}    Robust
{col 1}           mkt_econ_best2{col 27}{c |}      Coef.{col 39}   Std. Err.{col 51}      t{col 59}   P>|t|{col 67}     [95% Con{col 80}f. Interval]
{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 12}contribover15 {c |}{col 27}{res}{space 2}  1.46246{col 39}{space 2} 2.722145{col 50}{space 1}    0.54{col 59}{space 3}0.604{col 67}{space 4} -4.69546{col 80}{space 3} 7.620381
{txt}{space 18}corpsec {c |}{col 27}{res}{space 2}  .001826{col 39}{space 2} .0088457{col 50}{space 1}    0.21{col 59}{space 3}0.841{col 67}{space 4}-.0181843{col 80}{space 3} .0218363
{txt}{space 25} {c |}
c.contribover15#c.corpsec {c |}{col 27}{res}{space 2} .0255343{col 39}{space 2} .0622072{col 50}{space 1}    0.41{col 59}{space 3}0.691{col 67}{space 4}-.1151882{col 80}{space 3} .1662568
{txt}{space 25} {c |}
{space 21}year {c |}{col 27}{res}{space 2}-.0100466{col 39}{space 2} .0048474{col 50}{space 1}   -2.07{col 59}{space 3}0.068{col 67}{space 4}-.0210122{col 80}{space 3}  .000919
{txt}{space 20}_cons {c |}{col 27}{res}{space 2} 17.58387{col 39}{space 2} 9.633926{col 50}{space 1}    1.83{col 59}{space 3}0.101{col 67}{space 4}-4.209589{col 80}{space 3} 39.37732
{txt}{hline 26}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                  sigma_u {c |} {res} .24471741
                  {txt}sigma_e {c |} {res} .15547771
                      {txt}rho {c |} {res} .71242758{txt}   (fraction of variance due to u_i)
{hline 26}{c BT}{hline 64}
{com}. est store h
. 
. xtreg   mkt_econ_best2   c.contribover15##c.d_real_returns   year   ,  cl(cowcode)
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        41
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.1198                                         {txt}min = {res}         1
{txt}     between = {res}0.4608                                         {txt}avg = {res}       4.1
{txt}     overall = {res}0.1098                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}4{txt})      =  {res}    23.66
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0001

{txt}{ralign 98:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                  mkt_econ_best2{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      z{col 66}   P>|z|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contribover15 {c |}{col 34}{res}{space 2}-.4584378{col 46}{space 2} .2778605{col 57}{space 1}   -1.65{col 66}{space 3}0.099{col 74}{space 4}-1.003034{col 87}{space 3} .0861588
{txt}{space 18}d_real_returns {c |}{col 34}{res}{space 2}-.0100413{col 46}{space 2} .0039531{col 57}{space 1}   -2.54{col 66}{space 3}0.011{col 74}{space 4}-.0177892{col 87}{space 3}-.0022934
{txt}{space 32} {c |}
c.contribover15#c.d_real_returns {c |}{col 34}{res}{space 2} .0566369{col 46}{space 2} .0152963{col 57}{space 1}    3.70{col 66}{space 3}0.000{col 74}{space 4} .0266567{col 87}{space 3} .0866171
{txt}{space 32} {c |}
{space 28}year {c |}{col 34}{res}{space 2} .0046144{col 46}{space 2} .0072221{col 57}{space 1}    0.64{col 66}{space 3}0.523{col 74}{space 4}-.0095407{col 87}{space 3} .0187695
{txt}{space 27}_cons {c |}{col 34}{res}{space 2}-11.39117{col 46}{space 2} 14.45218{col 57}{space 1}   -0.79{col 66}{space 3}0.431{col 74}{space 4}-39.71692{col 87}{space 3} 16.93459
{txt}{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                         sigma_u {c |} {res} .06436289
                         {txt}sigma_e {c |} {res} .14836744
                             {txt}rho {c |} {res} .15838294{txt}   (fraction of variance due to u_i)
{hline 33}{c BT}{hline 64}
{com}. est store i
. xtreg  mkt_econ_best2   c.contribover15##c.d_real_returns  gdppcgrowth  unemp  deflator lngdppc   year   ,  cl(cowcode) 
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        40
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.1515                                         {txt}min = {res}         1
{txt}     between = {res}0.4030                                         {txt}avg = {res}       4.0
{txt}     overall = {res}0.1681                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}8{txt})      =  {res}    59.01
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0000

{txt}{ralign 98:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                  mkt_econ_best2{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      z{col 66}   P>|z|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contribover15 {c |}{col 34}{res}{space 2} -.328036{col 46}{space 2} .3813091{col 57}{space 1}   -0.86{col 66}{space 3}0.390{col 74}{space 4}-1.075388{col 87}{space 3} .4193161
{txt}{space 18}d_real_returns {c |}{col 34}{res}{space 2}-.0099406{col 46}{space 2} .0039322{col 57}{space 1}   -2.53{col 66}{space 3}0.011{col 74}{space 4}-.0176475{col 87}{space 3}-.0022337
{txt}{space 32} {c |}
c.contribover15#c.d_real_returns {c |}{col 34}{res}{space 2} .0493263{col 46}{space 2} .0153395{col 57}{space 1}    3.22{col 66}{space 3}0.001{col 74}{space 4} .0192614{col 87}{space 3} .0793912
{txt}{space 32} {c |}
{space 21}gdppcgrowth {c |}{col 34}{res}{space 2}-.0773877{col 46}{space 2} .7385972{col 57}{space 1}   -0.10{col 66}{space 3}0.917{col 74}{space 4}-1.525012{col 87}{space 3} 1.370236
{txt}{space 27}unemp {c |}{col 34}{res}{space 2}-.0007313{col 46}{space 2}  .009172{col 57}{space 1}   -0.08{col 66}{space 3}0.936{col 74}{space 4}-.0187081{col 87}{space 3} .0172454
{txt}{space 24}deflator {c |}{col 34}{res}{space 2}  -.00245{col 46}{space 2} .0046373{col 57}{space 1}   -0.53{col 66}{space 3}0.597{col 74}{space 4} -.011539{col 87}{space 3} .0066389
{txt}{space 25}lngdppc {c |}{col 34}{res}{space 2}-.0329716{col 46}{space 2} .0582366{col 57}{space 1}   -0.57{col 66}{space 3}0.571{col 74}{space 4}-.1471132{col 87}{space 3}   .08117
{txt}{space 28}year {c |}{col 34}{res}{space 2} .0066006{col 46}{space 2}  .008998{col 57}{space 1}    0.73{col 66}{space 3}0.463{col 74}{space 4}-.0110351{col 87}{space 3} .0242363
{txt}{space 27}_cons {c |}{col 34}{res}{space 2}-15.08241{col 46}{space 2}  17.7385{col 57}{space 1}   -0.85{col 66}{space 3}0.395{col 74}{space 4}-49.84923{col 87}{space 3}  19.6844
{txt}{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                         sigma_u {c |} {res}         0
                         {txt}sigma_e {c |} {res}  .1384982
                             {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 33}{c BT}{hline 64}
{com}. est store j
. xtreg  mkt_econ_best2   c.contribover15##c.d_real_returns      foreign   govdebt mandatory year    ,  cl(cowcode)  
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        41
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.2163                                         {txt}min = {res}         1
{txt}     between = {res}0.5611                                         {txt}avg = {res}       4.1
{txt}     overall = {res}0.2552                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}7{txt})      =  {res}    30.70
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0001

{txt}{ralign 98:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                  mkt_econ_best2{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      z{col 66}   P>|z|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contribover15 {c |}{col 34}{res}{space 2} .2495903{col 46}{space 2} .2897891{col 57}{space 1}    0.86{col 66}{space 3}0.389{col 74}{space 4} -.318386{col 87}{space 3} .8175666
{txt}{space 18}d_real_returns {c |}{col 34}{res}{space 2}-.0094585{col 46}{space 2} .0055942{col 57}{space 1}   -1.69{col 66}{space 3}0.091{col 74}{space 4}-.0204229{col 87}{space 3} .0015058
{txt}{space 32} {c |}
c.contribover15#c.d_real_returns {c |}{col 34}{res}{space 2} .0679503{col 46}{space 2} .0198899{col 57}{space 1}    3.42{col 66}{space 3}0.001{col 74}{space 4} .0289669{col 87}{space 3} .1069337
{txt}{space 32} {c |}
{space 15}foreigninvestment {c |}{col 34}{res}{space 2}-.0116159{col 46}{space 2} .0041353{col 57}{space 1}   -2.81{col 66}{space 3}0.005{col 74}{space 4}-.0197209{col 87}{space 3}-.0035109
{txt}{space 25}govdebt {c |}{col 34}{res}{space 2}-.0030469{col 46}{space 2} .0020366{col 57}{space 1}   -1.50{col 66}{space 3}0.135{col 74}{space 4}-.0070384{col 87}{space 3} .0009447
{txt}{space 23}mandatory {c |}{col 34}{res}{space 2}-.0528901{col 46}{space 2} .1434727{col 57}{space 1}   -0.37{col 66}{space 3}0.712{col 74}{space 4}-.3340915{col 87}{space 3} .2283112
{txt}{space 28}year {c |}{col 34}{res}{space 2} .0101188{col 46}{space 2} .0061762{col 57}{space 1}    1.64{col 66}{space 3}0.101{col 74}{space 4}-.0019863{col 87}{space 3} .0222238
{txt}{space 27}_cons {c |}{col 34}{res}{space 2} -22.2766{col 46}{space 2} 12.38607{col 57}{space 1}   -1.80{col 66}{space 3}0.072{col 74}{space 4}-46.55285{col 87}{space 3}  1.99964
{txt}{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                         sigma_u {c |} {res} .06854457
                         {txt}sigma_e {c |} {res} .14437365
                             {txt}rho {c |} {res} .18394558{txt}   (fraction of variance due to u_i)
{hline 33}{c BT}{hline 64}
{com}. est store k
. xtreg  mkt_econ_best2   c.contribover15##c.d_real_returns      year    ,  cl(cowcode)   fe
{res}
{txt}Fixed-effects (within) regression{col 49}Number of obs{col 67}={col 69}{res}        41
{txt}Group variable: {res}cowcode{txt}{col 49}Number of groups{col 67}={col 69}{res}        10

{txt}R-sq:{col 49}Obs per group:
     within  = {res}0.1579{col 63}{txt}min{col 67}={col 69}{res}         1
{txt}     between = {res}0.0532{col 63}{txt}avg{col 67}={col 69}{res}       4.1
{txt}     overall = {res}0.0099{col 63}{txt}max{col 67}={col 69}{res}         5

{txt}{col 49}F({res}4{txt},{res}9{txt}){col 67}={col 70}{res}     3.77
{txt}corr(u_i, Xb){col 16}= {res}-0.6302{txt}{col 49}Prob > F{col 67}={col 73}{res}0.0457

{txt}{ralign 98:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                  mkt_econ_best2{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      t{col 66}   P>|t|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contribover15 {c |}{col 34}{res}{space 2} .6848884{col 46}{space 2} 1.477726{col 57}{space 1}    0.46{col 66}{space 3}0.654{col 74}{space 4}-2.657961{col 87}{space 3} 4.027738
{txt}{space 18}d_real_returns {c |}{col 34}{res}{space 2}-.0085484{col 46}{space 2}  .002996{col 57}{space 1}   -2.85{col 66}{space 3}0.019{col 74}{space 4}-.0153258{col 87}{space 3}-.0017711
{txt}{space 32} {c |}
c.contribover15#c.d_real_returns {c |}{col 34}{res}{space 2} .0598109{col 46}{space 2} .0188159{col 57}{space 1}    3.18{col 66}{space 3}0.011{col 74}{space 4} .0172464{col 87}{space 3} .1023754
{txt}{space 32} {c |}
{space 28}year {c |}{col 34}{res}{space 2}-.0046927{col 46}{space 2} .0052083{col 57}{space 1}   -0.90{col 66}{space 3}0.391{col 74}{space 4}-.0164746{col 87}{space 3} .0070893
{txt}{space 27}_cons {c |}{col 34}{res}{space 2} 7.060339{col 46}{space 2} 10.35607{col 57}{space 1}    0.68{col 66}{space 3}0.513{col 74}{space 4}-16.36671{col 87}{space 3} 30.48739
{txt}{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                         sigma_u {c |} {res} .18827542
                         {txt}sigma_e {c |} {res} .14836744
                             {txt}rho {c |} {res} .61690402{txt}   (fraction of variance due to u_i)
{hline 33}{c BT}{hline 64}
{com}. est store l
. {c )-}
{txt}
{com}. esttab * using "Table6.csv", replace cells(b(star fmt(%9.3f) label(coef.)) se( fmt(%9.2f)label(SE))) stats(r2 N) label legend posthead("") prefoot("") postfoot("")  varlabels(_cons Constant) starlevels(* 0.10 ** 0.05 *** 0.01 ) number ("" "") 
{res}{txt}(output written to {browse  `"Table6.csv"'})

{com}. 
. 
. local DV  i j k l
{txt}
{com}. foreach DV in `DV'{c -(}
{txt}  2{com}. est restore `DV'
{txt}  3{com}. qui {c -(}
{txt}  4{com}. cap drop MVZ conbx consx  upperx lowerx
{txt}  5{com}. matrix b=e(b)
{txt}  6{com}. matrix V=e(V)
{txt}  7{com}. scalar b1=b[1,1]
{txt}  8{com}. scalar b3=b[1,3]
{txt}  9{com}. scalar varb1=V[1,1]
{txt} 10{com}. scalar varb3=V[3,3]
{txt} 11{com}. scalar covb1b3=V[1,3]
{txt} 12{com}. scalar list b1 b3 varb1 varb3 covb1b3
{txt} 13{com}. su d_real_returns if e(sample), detail
{txt} 14{com}. generate MVZ=r(min) + (_n-1)*((r(max) - r(min))/10)
{txt} 15{com}. replace  MVZ=. if _n>12
{txt} 16{com}. gen conbx=b1+b3*MVZ if _n<12
{txt} 17{com}. gen consx=sqrt(varb1+varb3*(MVZ^2)+2*covb1b3*MVZ) if _n<12
{txt} 18{com}. gen upperx= conbx + invttail(e(df_m), .05)*consx
{txt} 19{com}. gen lowerx=conbx + invttail(e(df_m), .95)*consx
{txt} 20{com}. {c )-}
{txt} 21{com}. twoway (hist d_real_returns if e(sample), yaxis(2) col(gs14))(line conbx   MVZ, clpattern(solid) clwidth(medium) clcolor(black) yaxis(1))(line upperx  MVZ, clpattern(dash) clwidth(thin) clcolor(black))(line lowerx  MVZ, clpattern(dash) clwidth(thin) clcolor(black)), title(`DV', col(black)) ytitle( Marginal Effect) xtitle(% contributors)  yline(0)name(`DV', replace) scheme(s1mono)
{txt} 22{com}. {c )-}
{txt}(results {stata estimates replay i:i} are active now)
{res}{txt}(results {stata estimates replay j:j} are active now)
{res}{txt}(results {stata estimates replay k:k} are active now)
{res}{txt}(results {stata estimates replay l:l} are active now)
{res}{txt}
{com}. local graphnames `graphnames' `DV'
{txt}
{com}. grc1leg i j k l , title(Fig 3: Conditional Effects of Pension Particpation Rates on Belief That Markets are Best For Country, size(small)) subtitle(Model numbers refer to Table 7, size(small)) r(1) scheme(s1mono)
{res}{txt}
{com}. 
.   
. 
. est clear
{txt}
{com}. {c -(}
. xtreg   mkt_econ_best2    c.contribover15##c.unemp c.contribover15##c.d_real_returns foreign   govdebt mandatory  year  ,  cl(cowcode)
{txt}note: contribover15 omitted because of collinearity
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        41
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.2915                                         {txt}min = {res}         1
{txt}     between = {res}0.6248                                         {txt}avg = {res}       4.1
{txt}     overall = {res}0.3401                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}9{txt})      =  {res}   199.78
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0000

{txt}{ralign 98:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                  mkt_econ_best2{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      z{col 66}   P>|z|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contribover15 {c |}{col 34}{res}{space 2} .8739903{col 46}{space 2} .7428849{col 57}{space 1}    1.18{col 66}{space 3}0.239{col 74}{space 4}-.5820373{col 87}{space 3} 2.330018
{txt}{space 27}unemp {c |}{col 34}{res}{space 2}-.0050163{col 46}{space 2} .0212114{col 57}{space 1}   -0.24{col 66}{space 3}0.813{col 74}{space 4}-.0465898{col 87}{space 3} .0365573
{txt}{space 32} {c |}
{space 9}c.contribover15#c.unemp {c |}{col 34}{res}{space 2}-.0793469{col 46}{space 2} .1325088{col 57}{space 1}   -0.60{col 66}{space 3}0.549{col 74}{space 4}-.3390594{col 87}{space 3} .1803656
{txt}{space 32} {c |}
{space 19}contribover15 {c |}{col 34}{res}{space 2}        0{col 46}{txt}  (omitted)
{space 18}d_real_returns {c |}{col 34}{res}{space 2}-.0080731{col 46}{space 2} .0041346{col 57}{space 1}   -1.95{col 66}{space 3}0.051{col 74}{space 4}-.0161767{col 87}{space 3} .0000305
{txt}{space 32} {c |}
c.contribover15#c.d_real_returns {c |}{col 34}{res}{space 2}   .06137{col 46}{space 2} .0174376{col 57}{space 1}    3.52{col 66}{space 3}0.000{col 74}{space 4} .0271928{col 87}{space 3} .0955471
{txt}{space 32} {c |}
{space 15}foreigninvestment {c |}{col 34}{res}{space 2}-.0100649{col 46}{space 2} .0035825{col 57}{space 1}   -2.81{col 66}{space 3}0.005{col 74}{space 4}-.0170865{col 87}{space 3}-.0030432
{txt}{space 25}govdebt {c |}{col 34}{res}{space 2}-.0027188{col 46}{space 2} .0022121{col 57}{space 1}   -1.23{col 66}{space 3}0.219{col 74}{space 4}-.0070544{col 87}{space 3} .0016167
{txt}{space 23}mandatory {c |}{col 34}{res}{space 2}-.1286756{col 46}{space 2} .1536086{col 57}{space 1}   -0.84{col 66}{space 3}0.402{col 74}{space 4} -.429743{col 87}{space 3} .1723918
{txt}{space 28}year {c |}{col 34}{res}{space 2} .0066657{col 46}{space 2} .0071187{col 57}{space 1}    0.94{col 66}{space 3}0.349{col 74}{space 4}-.0072867{col 87}{space 3}  .020618
{txt}{space 27}_cons {c |}{col 34}{res}{space 2}-15.30118{col 46}{space 2} 14.27266{col 57}{space 1}   -1.07{col 66}{space 3}0.284{col 74}{space 4}-43.27509{col 87}{space 3} 12.67272
{txt}{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                         sigma_u {c |} {res}         0
                         {txt}sigma_e {c |} {res}  .1400404
                             {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 33}{c BT}{hline 64}
{com}. est store e
. xtreg  mkt_econ_best2    c.contribover15##c.deflator   c.contribover15##c.d_real_returns foreign   govdebt mandatory   year  ,  cl(cowcode) 
{txt}note: contribover15 omitted because of collinearity
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        41
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.2719                                         {txt}min = {res}         1
{txt}     between = {res}0.6568                                         {txt}avg = {res}       4.1
{txt}     overall = {res}0.3266                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}9{txt})      =  {res}  2944.49
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0000

{txt}{ralign 98:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                  mkt_econ_best2{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      z{col 66}   P>|z|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contribover15 {c |}{col 34}{res}{space 2} 1.093552{col 46}{space 2} .6373059{col 57}{space 1}    1.72{col 66}{space 3}0.086{col 74}{space 4}-.1555447{col 87}{space 3} 2.342648
{txt}{space 24}deflator {c |}{col 34}{res}{space 2} .0044934{col 46}{space 2} .0075246{col 57}{space 1}    0.60{col 66}{space 3}0.550{col 74}{space 4}-.0102545{col 87}{space 3} .0192413
{txt}{space 32} {c |}
{space 6}c.contribover15#c.deflator {c |}{col 34}{res}{space 2}-.0978793{col 46}{space 2} .0635123{col 57}{space 1}   -1.54{col 66}{space 3}0.123{col 74}{space 4}-.2223612{col 87}{space 3} .0266026
{txt}{space 32} {c |}
{space 19}contribover15 {c |}{col 34}{res}{space 2}        0{col 46}{txt}  (omitted)
{space 18}d_real_returns {c |}{col 34}{res}{space 2}-.0086985{col 46}{space 2} .0053554{col 57}{space 1}   -1.62{col 66}{space 3}0.104{col 74}{space 4}-.0191949{col 87}{space 3} .0017978
{txt}{space 32} {c |}
c.contribover15#c.d_real_returns {c |}{col 34}{res}{space 2} .0578483{col 46}{space 2} .0243859{col 57}{space 1}    2.37{col 66}{space 3}0.018{col 74}{space 4} .0100527{col 87}{space 3} .1056438
{txt}{space 32} {c |}
{space 15}foreigninvestment {c |}{col 34}{res}{space 2}-.0115739{col 46}{space 2} .0053202{col 57}{space 1}   -2.18{col 66}{space 3}0.030{col 74}{space 4}-.0220013{col 87}{space 3}-.0011465
{txt}{space 25}govdebt {c |}{col 34}{res}{space 2}-.0020647{col 46}{space 2} .0019247{col 57}{space 1}   -1.07{col 66}{space 3}0.283{col 74}{space 4}-.0058371{col 87}{space 3} .0017078
{txt}{space 23}mandatory {c |}{col 34}{res}{space 2} -.117444{col 46}{space 2} .1242596{col 57}{space 1}   -0.95{col 66}{space 3}0.345{col 74}{space 4}-.3609883{col 87}{space 3} .1261002
{txt}{space 28}year {c |}{col 34}{res}{space 2} .0091861{col 46}{space 2} .0068964{col 57}{space 1}    1.33{col 66}{space 3}0.183{col 74}{space 4}-.0043305{col 87}{space 3} .0227028
{txt}{space 27}_cons {c |}{col 34}{res}{space 2}-20.46918{col 46}{space 2} 13.82469{col 57}{space 1}   -1.48{col 66}{space 3}0.139{col 74}{space 4}-47.56508{col 87}{space 3} 6.626715
{txt}{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                         sigma_u {c |} {res}         0
                         {txt}sigma_e {c |} {res} .14302312
                             {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 33}{c BT}{hline 64}
{com}. est store f
. xtreg  mkt_econ_best2    c.contribover15##c.gdppcgrowth c.contribover15##c.d_real_returns   foreign   govdebt mandatory    year    ,  cl(cowcode)  
{txt}note: contribover15 omitted because of collinearity
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        40
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.2146                                         {txt}min = {res}         1
{txt}     between = {res}0.7704                                         {txt}avg = {res}       4.0
{txt}     overall = {res}0.3387                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}9{txt})      =  {res}  9616.52
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0000

{txt}{ralign 98:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                  mkt_econ_best2{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      z{col 66}   P>|z|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contribover15 {c |}{col 34}{res}{space 2} .5314396{col 46}{space 2} .1652866{col 57}{space 1}    3.22{col 66}{space 3}0.001{col 74}{space 4} .2074837{col 87}{space 3} .8553955
{txt}{space 21}gdppcgrowth {c |}{col 34}{res}{space 2} 1.490781{col 46}{space 2} 1.519035{col 57}{space 1}    0.98{col 66}{space 3}0.326{col 74}{space 4}-1.486473{col 87}{space 3} 4.468035
{txt}{space 32} {c |}
{space 3}c.contribover15#c.gdppcgrowth {c |}{col 34}{res}{space 2}-9.479764{col 46}{space 2}  6.86533{col 57}{space 1}   -1.38{col 66}{space 3}0.167{col 74}{space 4}-22.93556{col 87}{space 3} 3.976035
{txt}{space 32} {c |}
{space 19}contribover15 {c |}{col 34}{res}{space 2}        0{col 46}{txt}  (omitted)
{space 18}d_real_returns {c |}{col 34}{res}{space 2}-.0086929{col 46}{space 2} .0043589{col 57}{space 1}   -1.99{col 66}{space 3}0.046{col 74}{space 4}-.0172363{col 87}{space 3}-.0001496
{txt}{space 32} {c |}
c.contribover15#c.d_real_returns {c |}{col 34}{res}{space 2}  .045942{col 46}{space 2} .0180779{col 57}{space 1}    2.54{col 66}{space 3}0.011{col 74}{space 4}   .01051{col 87}{space 3}  .081374
{txt}{space 32} {c |}
{space 15}foreigninvestment {c |}{col 34}{res}{space 2}-.0099653{col 46}{space 2} .0037774{col 57}{space 1}   -2.64{col 66}{space 3}0.008{col 74}{space 4}-.0173689{col 87}{space 3}-.0025618
{txt}{space 25}govdebt {c |}{col 34}{res}{space 2}-.0022539{col 46}{space 2} .0015668{col 57}{space 1}   -1.44{col 66}{space 3}0.150{col 74}{space 4}-.0053249{col 87}{space 3}  .000817
{txt}{space 23}mandatory {c |}{col 34}{res}{space 2}  -.11241{col 46}{space 2} .1066953{col 57}{space 1}   -1.05{col 66}{space 3}0.292{col 74}{space 4}-.3215288{col 87}{space 3} .0967089
{txt}{space 28}year {c |}{col 34}{res}{space 2} .0118766{col 46}{space 2} .0071186{col 57}{space 1}    1.67{col 66}{space 3}0.095{col 74}{space 4}-.0020756{col 87}{space 3} .0258289
{txt}{space 27}_cons {c |}{col 34}{res}{space 2}-25.82419{col 46}{space 2} 14.24944{col 57}{space 1}   -1.81{col 66}{space 3}0.070{col 74}{space 4}-53.75258{col 87}{space 3} 2.104204
{txt}{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                         sigma_u {c |} {res}         0
                         {txt}sigma_e {c |} {res} .15040579
                             {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 33}{c BT}{hline 64}
{com}. est store g
. xtreg  mkt_econ_best2    c.contribover15##c.mandatory   c.contribover15##c.d_real_returns foreign   govdebt mandatory    year    ,  cl(cowcode)   
{txt}note: contribover15 omitted because of collinearity
note: mandatory omitted because of collinearity
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        41
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}        10

{txt}R-sq:                                           Obs per group:
     within  = {res}0.2381                                         {txt}min = {res}         1
{txt}     between = {res}0.6102                                         {txt}avg = {res}       4.1
{txt}     overall = {res}0.2915                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}8{txt})      =  {res}   108.51
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0000

{txt}{ralign 98:(Std. Err. adjusted for {res:10} clusters in cowcode)}
{hline 33}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 34}{c |}{col 46}    Robust
{col 1}                  mkt_econ_best2{col 34}{c |}      Coef.{col 46}   Std. Err.{col 58}      z{col 66}   P>|z|{col 74}     [95% Con{col 87}f. Interval]
{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 19}contribover15 {c |}{col 34}{res}{space 2}-1.607743{col 46}{space 2} 1.503847{col 57}{space 1}   -1.07{col 66}{space 3}0.285{col 74}{space 4}-4.555229{col 87}{space 3} 1.339744
{txt}{space 23}mandatory {c |}{col 34}{res}{space 2}-.3059194{col 46}{space 2} .2945932{col 57}{space 1}   -1.04{col 66}{space 3}0.299{col 74}{space 4}-.8833114{col 87}{space 3} .2714727
{txt}{space 32} {c |}
{space 5}c.contribover15#c.mandatory {c |}{col 34}{res}{space 2} 2.141981{col 46}{space 2} 1.772577{col 57}{space 1}    1.21{col 66}{space 3}0.227{col 74}{space 4}-1.332206{col 87}{space 3} 5.616168
{txt}{space 32} {c |}
{space 19}contribover15 {c |}{col 34}{res}{space 2}        0{col 46}{txt}  (omitted)
{space 18}d_real_returns {c |}{col 34}{res}{space 2}-.0080558{col 46}{space 2} .0044168{col 57}{space 1}   -1.82{col 66}{space 3}0.068{col 74}{space 4}-.0167125{col 87}{space 3} .0006008
{txt}{space 32} {c |}
c.contribover15#c.d_real_returns {c |}{col 34}{res}{space 2} .0632803{col 46}{space 2} .0178587{col 57}{space 1}    3.54{col 66}{space 3}0.000{col 74}{space 4} .0282778{col 87}{space 3} .0982828
{txt}{space 32} {c |}
{space 15}foreigninvestment {c |}{col 34}{res}{space 2}-.0097197{col 46}{space 2} .0049334{col 57}{space 1}   -1.97{col 66}{space 3}0.049{col 74}{space 4} -.019389{col 87}{space 3}-.0000504
{txt}{space 25}govdebt {c |}{col 34}{res}{space 2}-.0014226{col 46}{space 2}  .003079{col 57}{space 1}   -0.46{col 66}{space 3}0.644{col 74}{space 4}-.0074573{col 87}{space 3} .0046121
{txt}{space 23}mandatory {c |}{col 34}{res}{space 2}        0{col 46}{txt}  (omitted)
{space 28}year {c |}{col 34}{res}{space 2} .0090866{col 46}{space 2}  .005844{col 57}{space 1}    1.55{col 66}{space 3}0.120{col 74}{space 4}-.0023675{col 87}{space 3} .0205407
{txt}{space 27}_cons {c |}{col 34}{res}{space 2}-20.13129{col 46}{space 2} 11.68917{col 57}{space 1}   -1.72{col 66}{space 3}0.085{col 74}{space 4}-43.04165{col 87}{space 3} 2.779061
{txt}{hline 33}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                         sigma_u {c |} {res} .12388935
                         {txt}sigma_e {c |} {res} .14700313
                             {txt}rho {c |} {res} .41529213{txt}   (fraction of variance due to u_i)
{hline 33}{c BT}{hline 64}
{com}. est store h
. xtreg  mkt_econ_best2    c.contribover15##c.twoyear_d    foreign   govdebt mandatory    year    ,  cl(cowcode)   
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        36
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         9

{txt}R-sq:                                           Obs per group:
     within  = {res}0.1843                                         {txt}min = {res}         2
{txt}     between = {res}0.5200                                         {txt}avg = {res}       4.0
{txt}     overall = {res}0.2881                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}7{txt})      =  {res}    37.76
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0000

{txt}{ralign 93:(Std. Err. adjusted for {res:9} clusters in cowcode)}
{hline 28}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 29}{c |}{col 41}    Robust
{col 1}             mkt_econ_best2{col 29}{c |}      Coef.{col 41}   Std. Err.{col 53}      z{col 61}   P>|z|{col 69}     [95% Con{col 82}f. Interval]
{hline 28}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 14}contribover15 {c |}{col 29}{res}{space 2} .4646843{col 41}{space 2} .2462009{col 52}{space 1}    1.89{col 61}{space 3}0.059{col 69}{space 4}-.0178607{col 82}{space 3} .9472293
{txt}{space 18}twoyear_d {c |}{col 29}{res}{space 2}-.0072482{col 41}{space 2} .0102582{col 52}{space 1}   -0.71{col 61}{space 3}0.480{col 69}{space 4} -.027354{col 82}{space 3} .0128575
{txt}{space 27} {c |}
c.contribover15#c.twoyear_d {c |}{col 29}{res}{space 2}-.0060874{col 41}{space 2} .0626381{col 52}{space 1}   -0.10{col 61}{space 3}0.923{col 69}{space 4}-.1288557{col 82}{space 3}  .116681
{txt}{space 27} {c |}
{space 10}foreigninvestment {c |}{col 29}{res}{space 2}-.0084031{col 41}{space 2} .0044695{col 52}{space 1}   -1.88{col 61}{space 3}0.060{col 69}{space 4}-.0171632{col 82}{space 3}  .000357
{txt}{space 20}govdebt {c |}{col 29}{res}{space 2}-.0031905{col 41}{space 2} .0015497{col 52}{space 1}   -2.06{col 61}{space 3}0.040{col 69}{space 4}-.0062279{col 82}{space 3}-.0001532
{txt}{space 18}mandatory {c |}{col 29}{res}{space 2}-.0565701{col 41}{space 2} .1242263{col 52}{space 1}   -0.46{col 61}{space 3}0.649{col 69}{space 4}-.3000491{col 82}{space 3}  .186909
{txt}{space 23}year {c |}{col 29}{res}{space 2} .0147318{col 41}{space 2} .0050574{col 52}{space 1}    2.91{col 61}{space 3}0.004{col 69}{space 4} .0048195{col 82}{space 3} .0246441
{txt}{space 22}_cons {c |}{col 29}{res}{space 2}-31.51321{col 41}{space 2}  10.0756{col 52}{space 1}   -3.13{col 61}{space 3}0.002{col 69}{space 4}-51.26102{col 82}{space 3}-11.76539
{txt}{hline 28}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                    sigma_u {c |} {res}         0
                    {txt}sigma_e {c |} {res} .14912593
                        {txt}rho {c |} {res}         0{txt}   (fraction of variance due to u_i)
{hline 28}{c BT}{hline 64}
{com}. est store i
. xtreg  mkt_econ_best2    c.contribover15##c.threeyear_d   foreign   govdebt mandatory     year    ,  cl(cowcode)   
{res}
{txt}Random-effects GLS regression                   Number of obs     = {res}        33
{txt}Group variable: {res}cowcode                         {txt}Number of groups  = {res}         9

{txt}R-sq:                                           Obs per group:
     within  = {res}0.3427                                         {txt}min = {res}         2
{txt}     between = {res}0.3501                                         {txt}avg = {res}       3.7
{txt}     overall = {res}0.3548                                         {txt}max = {res}         5

                                                {txt}Wald chi2({res}7{txt})      =  {res}   154.08
{txt}corr(u_i, X)   = {res}0{txt} (assumed)                    Prob > chi2       =     {res}0.0000

{txt}{ralign 95:(Std. Err. adjusted for {res:9} clusters in cowcode)}
{hline 30}{c TT}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{col 31}{c |}{col 43}    Robust
{col 1}               mkt_econ_best2{col 31}{c |}      Coef.{col 43}   Std. Err.{col 55}      z{col 63}   P>|z|{col 71}     [95% Con{col 84}f. Interval]
{hline 30}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
{space 16}contribover15 {c |}{col 31}{res}{space 2} 1.298476{col 43}{space 2} .5899701{col 54}{space 1}    2.20{col 63}{space 3}0.028{col 71}{space 4}  .142156{col 84}{space 3} 2.454796
{txt}{space 18}threeyear_d {c |}{col 31}{res}{space 2} .0056989{col 43}{space 2} .0105856{col 54}{space 1}    0.54{col 63}{space 3}0.590{col 71}{space 4}-.0150484{col 84}{space 3} .0264462
{txt}{space 29} {c |}
c.contribover15#c.threeyear_d {c |}{col 31}{res}{space 2}-.1379707{col 43}{space 2} .0669828{col 54}{space 1}   -2.06{col 63}{space 3}0.039{col 71}{space 4}-.2692546{col 84}{space 3}-.0066867
{txt}{space 29} {c |}
{space 12}foreigninvestment {c |}{col 31}{res}{space 2}-.0062568{col 43}{space 2} .0058149{col 54}{space 1}   -1.08{col 63}{space 3}0.282{col 71}{space 4}-.0176539{col 84}{space 3} .0051403
{txt}{space 22}govdebt {c |}{col 31}{res}{space 2}-.0025656{col 43}{space 2}   .00252{col 54}{space 1}   -1.02{col 63}{space 3}0.309{col 71}{space 4}-.0075048{col 84}{space 3} .0023735
{txt}{space 20}mandatory {c |}{col 31}{res}{space 2}-.0805266{col 43}{space 2} .1699435{col 54}{space 1}   -0.47{col 63}{space 3}0.636{col 71}{space 4}-.4136098{col 84}{space 3} .2525565
{txt}{space 25}year {c |}{col 31}{res}{space 2}  .013928{col 43}{space 2} .0067416{col 54}{space 1}    2.07{col 63}{space 3}0.039{col 71}{space 4} .0007148{col 84}{space 3} .0271413
{txt}{space 24}_cons {c |}{col 31}{res}{space 2} -30.0548{col 43}{space 2}  13.4977{col 54}{space 1}   -2.23{col 63}{space 3}0.026{col 71}{space 4}-56.50981{col 84}{space 3}-3.599784
{txt}{hline 30}{c +}{hline 11}{hline 11}{hline 9}{hline 8}{hline 13}{hline 12}
                      sigma_u {c |} {res} .18159687
                      {txt}sigma_e {c |} {res}  .1417183
                          {txt}rho {c |} {res} .62149438{txt}   (fraction of variance due to u_i)
{hline 30}{c BT}{hline 64}
{com}. est store j
. {c )-}
{txt}
{com}. 
. esttab * using "Table8.csv", replace cells(b(star fmt(%9.3f) label(coef.)) se( fmt(%9.2f)label(SE))) stats(r2 N) label legend posthead("") prefoot("") postfoot("")  varlabels(_cons Constant) starlevels(* 0.10 ** 0.05 *** 0.01 ) number ("" "")
{res}{txt}(output written to {browse  `"Table8.csv"'})

{com}. 
. 
. 
{txt}end of do-file

{com}. log close
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}/Users/amkerner/Dropbox/BJPS OS replications files/log file Kerner ownership society.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}21 Mar 2018, 13:32:24
{txt}{.-}
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{txt}{sf}{ul off}